S&P 500 Contribution of 10 Largest Weights During Positive Performance Years Source: Strategas, Bloomberg, 4/30/26 Strategas ETF Research See Appendix for Important Disclosures ETF Research Tuesday, May 5, 2026 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com EVERYONE WANTS A PIECE OF SPACEX Here's what you should know from the ETF universe as May commences: 1) Near record intake for ETFs in April... March was restraint, April was re- engaging. ...

The S&P 500 has continued to catch up and now sits just 20 bps below the equal-weighted S&P 500 index year to date. ETF ... The MAGS ETF finished the week up a modest +0.45%. A key takeaway was that AI-related capex from hyperscalers continues ... high, while WTI moved back above $100. Notably, USO implied volatility was flat on the week even as the ETF rose +7.8%. ... of software names are also on deck (PLTR, APP, MSTR, FTNT, DDOG, and EA), and the IGV ETF could see elevated volatility. ...

... engineering, equipment, semis, metals, etc.)            FLOWS ONE RISK FOR INDUSTRIALS Strategas Technical & Macro Research 23 4/30/2026 Equal-Weight Industrials Sector ETF (RSPN) Relative Equal-Weight S&P 500 (RSP) 200-Day Average Industrials Sector ETF Flows Rolling 65-Day Sum, $ Bn +2 Standard Deviations -2 Standard Deviations Industrials still have a highly ranked leadership profile, but flows are a risk we'd consider as 2Q progresses. ...

... Profit margins also remain robust. Given current events, earnings expectations will be key as companies start reporting 1Q results. Sentiment Our sentiment inputs are not as supportive as 1 month ago, but they're not back into extreme territory either. Equity ETF inflows have surged since the late March low, option activity is skewing heavily towards calls, but survey data is still shy of prior highs. Technical Picture There are certainly some red lines for equities here, but ...

$0 $5,000 $10,000 $15,000 $20,000 Discretionary Communications Financials Staples Utilities Healthcare Real Estate Materials Energy Industrials Tech Sector ETF Flows ($MM) YTD '26 Since Mar. '26 Low Strategas ETF Research See Appendix for Important Disclosures ETF Research Thursday, April 30, 2026 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com FLAGGING RISKS FOR THE INDUSTRIALS SECTOR Be sure to look for Ryan Grabinski's highlights on the ...

See Appendix for Important Disclosures ETF Research Tuesday, April 28, 2026 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com INDEX CHANGES WE THINK YOU SHOULD KNOW We're not talking about official rule changes, but rather the transformation of exposures within the ETF universe: No better way to sum up the Semis... than the +162% gain for Direxion's 3x long Semis ETF over the last 20-trading days, a record. Volume across Semi-related ETFs (both ...

has shown a lot of dispersion, concentrated tech industry ETFs like IGV and SMH have seen strong, correlated moves ... week, even as the S&P 500 also finished the week higher. ETF Description Apr 2, 2026 Apr 10, 2026 Apr 17, 2026 Apr 24, ... On Thursday, ServiceNow (NOW) dropped -17% after earnings, dragging the software ETF IGV down -5.83%, its worst day ... earnings and rallied +23.6%, lifting the semiconductor ETF SMH by +5.1%, with 84% of its 25 members higher on the day. ...

7 4/24/2026 Strategas ETF Research Source: Strategas, Bloomberg, 4/20/26 S&P 500 Cyclicals Relative Defensives ✓ Cyclical Minus Defensive Sector ETF Flows Rolling 65-Day Sum, $ Bn As the market sways back towards large-cap Tech, note that cyclical absolute flows and relative defensives is more muted. Cyclical Sector ETF Flows Rolling 65-Day Sum, $ Bn ... Many names back to their relative lows. Banks re- emerging. Extreme ETF flows a risk. Biotech strong; sentiment ...

50 calls $1.30 (2.9% of $44.75 spot) Bitcoin seems to be gaining some momentum. 2-month implied volatility is in the 30 th percentile and the implied realized spread has been coming in from the March highs when the ETF made recent lows. Our colleague Todd Sohn highlighted this morning we find the compression in trading volume and largely restrained flows timely for looking at the Crypto ETF space. Cumulative flows peaked back in early October, a proper cooling in our opinion. ...

See Appendix for Important Disclosures ETF Research Thursday, April 23, 2026 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com CRYPTO ETFs AND AN OPTION TRADE TO PLAY IT We strive to the best of our ability to combine actionable ideas across Strategas' research verticals - whether through Investment Strategy, Policy, Technical, Economics, ETFs, Options, Fixed Income - and provide unique data as well as. On that score, within our ETF universe we find ...