1993 12.2% 7.1% Annual S&P 500 Contribution of 10 Largest Weights During Positive Performance Years Source: Strategas, Bloomberg, 11/30/25 Strategas ETF Research See Appendix for Important Disclosures ETF Research Tuesday, December 2, 2025 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com DECEMBER ETF CHARTBOOK: DERIVATIVES, FLOWS, & THEMATIC REVIVAL Below is how we'd set the stage from the ETF universe for December: 1) Growth of derivatives usage. ...

The question now is whether consumer momentum can be sustained through year end. Crypto Deleveraging Continuing To Weigh On Risk Sentiment I have to admit, seeing the market rally last week and watching our basket of companies with levered single-stock ETFs begin to turn higher, was an encouraging near-term sign. That said, with crypto deleveraging picking back up this morning, we are staying patient before getting more optimistic about risk. For now, we continue to take a ...

... Redistribute 3 12/1/2025 Russell 2000 ETF: IWM Monthly The Russell 2000 was down -7% at one point in November, only to finish the month higher, and at an all-time closing high... extremely impressive reversal. This pattern still counts to roughly 325 target, roughly +30% from here. SIMILAR STORY FROM EQUAL WEIGHT S&P Strategas Technical & Macro Research Proprietary Information - Please Do Not Redistribute 4 12/1/2025 Equal Weight S&P ETF: RSP Monthly All-time closing high for ...

Still, leverage continues to grow in the system (J.P. Morgan estimates that there has been $7 trillion in debt raised for AI- related capex alone) and the pace of broader equity ETF inflows has accelerated meaningfully in the past few ... That could lead to some short-term trade uncertainty, but within a few months, tariffs will return to their current levels. Sentiment Leverage activity remains high, and the pace of broader equity ETF inflows has accelerated meaningfully ...

... Typically, longer-term estimates experience a gradual downward revision, but the 2026 estimate has stayed in a relatively tight range of $300-$310 since its initial release. We first noticed this trend with the 2025 estimate. EPS estimates appear more accurate at the start than in the past. Leverage Unwind Halted For Now Our basket of companies based on those that have a levered ETF tied to their ticker peaked on 10/15/25. Yesterday was the first day we saw the recent decline ...

$0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 Cumulative 2025 Equity ETF Flows ($MM) Equity ETF Flows Weekly Sum ($MM) Trading Week Equity ETF Flows Weekly Sum ($MM) Diamond = Cumulative 2025 Flows Strategas ETF Research See Appendix for Important Disclosures ETF Research Tuesday, November 25, 2025 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com FACTOR ...

above forward VIX... real time measure of fear. Equity ETF Flows S&P Futures Positioning 10-Day Put/Call Ratio VIX ... Treasury Bill ETFs Defensive Sectors Small Cap Equity E.M Equities Short Duration Bonds Thematic Funds Intermediate TSYs Precious Metals Tech Sector Long Duration TSYs Munis Category ETF Flows Since Bitcoin Peak (10/6/25) $MM THIS IS NOW A CHANGE... CRYPTO & CREDIT OUTFLOWS 12 11/21/2025 Source: Strategas, Bloomberg, ETF Action, 11/17/25 If one were looking ...

Financials relative profile has deteriorated (both cap and equal-weight), while the SPDR Financials sector ETF flirts with important support. ... on this below), but lack of a response here paints a trickier picture into '26. Sector ETF flows have cooled recently, that's supportive. ... - Please Do Not Redistribute 8 11/20/2025 Invesco KBW Bank ETF: KBWB 50 & 200-Day MA Invesco KBW Regional Bank ETF: KBWR 50 & 200-Day MA We feel confident in cueing off the action from ...

Bullish contrarians here may want to sell puts to buy upside calls or call spreads, creating a buffer to the downside before losses kick in vs. direct stock or ETF exposure. Perhaps a toe dip into NVDAs earnings, although Friday looks like a preferred entry point. 11/19/25 Strategas Securities - Equity Derivatives Strategy PROPRIETARY INFORMATION - PLEASE DO NOT REDISTRIBUTE 2 11/19/25 Strategas Securities - Equity Derivatives Strategy PROPRIETARY INFORMATION - PLEASE DO NOT ...

ETF Research Tuesday, November 18, 2025 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com CRYPTO FLEW TOO CLOSE TO THE SUN There's a few cross currents in our ETF work today - aggressive flows, leverage wipeouts, as well as a Crypto flush. On that score, diversification remains unloved to us. Takeaways and key charts are as follows: 1) Equity flows remain hot, leverage wipeouts, and hedges are still timely. Trailing 65-day equity ETF flows are in ...