Contribution of 10 Largest Weights During Positive Performance Years Source: Strategas, Bloomberg, 12/31/25 Strategas ETF Research See Appendix for Important Disclosures ETF Research Tuesday, January 6, 2026 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com 1Q '26 KEY CHARTS + ETFs TO CONSIDER After a record year, below is how we'd set the stage for the ETF universe in 2026: * ETF flows were a massive +$230 Bn in December, blowing away any comparison. ...

... Investors will be wise to watch the current dislocation in price discovery between paper-settled commodity markets in New York (Comex) and London (LBMA), the spot market, particularly in the east, and the inventory pressures created by the material increase in physical settlement globally. Will a sovereign-backed wealth fund, corporate operator or global bullion bank make a takeout bid for an ETF backed by physical inventory? It would not shock us. A monetary reset is no ...

... 40% 23% 37% 22% 100% 58% 100% 60% Strategas Asset Allocation SMA Portfolio Exposures Dev AC Core 26% 15% 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 20% 12% 19% 11% iShares S&P 500 Value ETF (IVE) EM AC Core 14% 8% 11% 7% iShares MSCI EM Core ETF (IEMG) US LC Core 10% 6% 12% 7% iShares S&P 500 Core ETF (IVV) US MC Value 3% 2% 2% 1% iShares S&P Mid-Cap 400 Value ETF (IJJ) US SC Core 2% 1% 1% 1% ...

... -10.7% Average 0.2% -2.8% -3.5% -8.6% -9.5% WTI Oil Performance Following Significant Historical Events ENERGY STOCK CHARTS BETTER THAN THE OIL CHART Strategas Technical & Macro Research Proprietary Information - Please Do Not Redistribute 17 1/5/2026 Equity ETF Flows S&P Futures Positioning 10-Day Put/Call Ratio VIX Curve I.I. Bull / Bear Ratio Consensus % Bullish AAII Bull/Bear Ratio Policy Uncertainty Median Percentile Strategas Sentiment Dashboard Current Reading vs. ...

Today's piece focuses on the second of our four major goals - identifying the most important themes we believe will drive returns in 2026. Thematic investing has become increasingly important, in our view, for two reasons: the first is simply due to the widespread proliferation of Exchange Traded Funds (ETFs) since their introduction in the U.S. in 1993. With every passing year, ETF issuers provided a variety of ways for investors to access investments in broad concepts ...

VIX Index Price Action We saw renewed strength in tech/AI related names with the Semiconductor ETF SMH posting +2.7% over the period and NVDA up +5.3%. 12/29/25 Strategas Securities - Equity Derivatives Strategy PROPRIETARY INFORMATION - ... concentrated in metals, particularly in silver, where the SLV ETF posted a series of records on Friday as the metal jumped 9.05% on the session, marking its strongest daily return since October 3, 2022 and sending SLV up 170% for the year. ...

... That could lead to some short-term trade uncertainty, but within a few months, tariffs will return to their current levels. Sentiment Our sentiment composite continues to tread near new highs, reflecting more bullish attitudes among market participants. Equity ETF inflows remain intense and levered fund ratios are also at a new high. Options data remains skewed towards the call side. 12/29/25 Strategas Securities - Market Balance Sheet PROPRIETARY INFORMATION - PLEASE DO NOT ...

Strategas Technical & Macro Research Proprietary Information - Please Do Not Redistribute 2 12/23/2025 So to close out 2025, thank you for giving us a forum to express our views each morning and always welcoming us into your office. To publish day in and day out, you need a great team - our ETF and flows guru Todd Sohn and Adair Rufty both do a remarkable job of keeping our product moving forward on a day-to-day basis. Over the coming days and weeks, we look forward to ...

On the upside, we would view 7,000 as a potential ceiling for the S&P 500, given the sizable call-option open interest at that level (78k). 12/22/25 Strategas Securities - Equity Derivatives Strategy PROPRIETARY INFORMATION - PLEASE DO NOT REDISTRIBUTE 2 SPX last close: 6834.50 We would also keep an eye on AVGO here, looking for a potential bounce now that the selling pressure tied to index rebalancing has passed. The stock was the worst performer in the semiconductor ETF SMH ...

... TRANSPORTS > UTES Strategas Technical & Macro Research Proprietary Information - Please Do Not Redistribute 7 12/22/2025 Transports Relative to Utilities 50 & 200-Day MA Overbought / Oversold Positive ↑ / Negative ↓ Trend Signals ✓ Trend change for the Transports vs. Utes pair. U.S. AERO & DEFENSE RESUMING TREND Strategas Technical & Macro Research Proprietary Information - Please Do Not Redistribute 8 12/22/2025 U.S. Aerospace & Defense ETF: ITA 50 & 200-Day MA ITA ...