$2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 Average Daily Equity ETF Flows $MM Prepared by Baird Strategas LLC, FINRA member. Proprietary Information - Please Do Not Redistribute. See Appendix for Important Disclosures. ETF Research Tuesday, July 21, 2026 Todd Sohn, CMT (646) 292-7958 tsohn@bairdstrategas.com TIDAL WAVE OF THEMATIC ETFs COMING Equity ETFs Approaching $800 Bn YTD. Equity ETFs continue to blow away any form of historical comps, running at a ...

The Russell 2000 fell -0.52%, while the S&P 500 Equal Weight Index also finished the week down -0.52%, after reaching an all-time high on Thursday. Energy was the standout performer, gaining 4.72% for the week as WTI crude oil surged 15.5% amid renewed escalation in the conflict with Iran. The VIX Index closed the week notably higher at 18.77, up from 15.03 the previous week. ETF Description Jun 26, 2026 Jul 2, 2026 Jul 10, 2026 Jul 17, 2026 SPY S&P 500 -2.38% 2.17% 1.37% ...

... GOLD Proprietary Information - Please Do Not Redistribute. 15 7/20/2026 Copper Relative to Gold 50 & 200-Day MA % Price Above/Below 200-Day MA Positive ↑ / Negative ↓ Trend Signals 21% URA NEAR-TERM OVERSOLD, BUT IN A WEAK TREND Proprietary Information - Please Do Not Redistribute. 16 7/20/2026 Uranium ETF: URA 50 & 200-Day MA Overbought / Oversold Positive ↑ / Negative ↓ Trend Signals HEALTHCARE REITS REITS REMAIN STRONG Proprietary Information - Please Do Not ...

... 6% - - iShares Gold Trust (IAU) Commodities 25% 3% - - Aberdeen Standard All Commodity ETF (BCI) Agriculture 20% 2% Invesco DB Agriculture (DBA) 100% 11% 100% 10% * Strategas' ... Allocation SMA Portfolio Exposures Dev AC Core 24% 14% 26% 16% iShares MSCI EAFE Core ETF (IEFA) US LC Growth 24% 14% 27% 16% iShares S&P 500 Growth ETF (IVW) US LC Value 22% 13% 19% 11% iShares S&P 500 Value ETF (IVE) EM AC Core 12% 7% 11% 7% iShares MSCI EM Core ETF (IEMG) US LC Core 10% 6% 12% 7% ...

... Still, if oil is going higher from Iran, the Fed hawks will continue to push for more rate increases. 7/17/26 Proprietary Information - Please Do Not Redistribute. 3 DATA CENTER TRADE CONTINUES TO GET SMOKED FROM STATE & LOCAL POLICY ACTIONS 90 100 110 120 130 140 150 160 Jan '25 Mar '25 May '25 Jul '25 Sep '25 Nov '25 Jan '26 Mar '26 May '26 Jul '26 Global X Data Center & Digital Infrastructure ETF Rel S&P 500 New York Becomes First U.S. State To Impose AI Data Center Ban ...

... Proprietary Information - Please Do Not Redistribute. 9 7/16/2026 iShares Semis ETF: SOXX 50 & 200-Day MA Overbought / Oversold $522 Consolidation / correction continues here, but not infecting other corners of the market. ...AAPL LEADS... ... KRE BREAKING OUT, REGIONALS REMAIN STRONG Proprietary Information - Please Do Not Redistribute. 13 7/17/2026 Regional Bank ETF: KRE 50 & 200-Day MA KRE Relative to S&P 500 Positive / Negative Trend Signals ✓ KRE... rotational winner. > ...

but earnings are coming * Financials making new highs without exuberant ETF flows * XLF trade idea The S&P is up 1.08% on the month shooting for the 12 th straight positive return in July in the last 12 years. ... USO has continued higher since, but volatility, which popped, seems to be rolling over as the overall market seems much more resilient to escalation headlines. Our chief ETF strategist Todd Sohn pointed out the simmering energy ETF flows last week. This week he points ...

ETF Flows ($MM) YTD '26 Trailing 3-Months Prepared by Baird Strategas LLC, FINRA member. Proprietary Information - Please Do Not Redistribute. See Appendix for Important Disclosures. ETF Research Thursday, July 16, 2026 Todd Sohn, CMT (646) 292-7958 tsohn@bairdstrategas.com WHY NO LOVE FOR FINANCIALS? In our ETF work we view flows - especially for tactical sector bets - as a temperature barometer of investor enthusiasm. Within Financials, various sector ETFs (broad-based, ...

WHILE SEMIS CONTINUE TO COME PAUSE... Proprietary Information - Please Do Not Redistribute. 2 7/16/2026 iShares Semis ETF: SOXX 50 & 200-Day MA Overbought / Oversold $522 Consolidation / correction continues here, but not infecting other corners of the market. ...AAPL LEADS... Proprietary Information - Please Do Not Redistribute. 3 7/16/2026 Apple Inc: AAPL 50 & 200-Day MA AAPL Relative to S&P 500 Positive / Negative Trend Signals Overbought / Oversold ✓ ✓ Stay long, add ...

ETF Research Tuesday, July 14, 2026 Todd Sohn, CMT (646) 292-7958 tsohn@bairdstrategas.com MEMORY MANIA: SEMIS ARE TODAY'S ARKK 3-months ago we ... Today, 2x Hynix ETFs launch in the U.S. Here's what you need to know: * Semiconductor ETFs are trading over $40 Bn per day. This was $9 Bn per day 1-year ago and $4 Bn the day ChatGPT was released. They are at the center of the levered ETF boom (see last week's note). For a niche ETF, DRAM is trading volumes akin to ARKK back in ...