Proprietary Information - Please Do Not Redistribute. See Appendix for Important Disclosures. ETF Research Tuesday, October 27, 2026 Todd Sohn, CMT (646) 292-7958 tsohn@bairdstrategas.com CYCLICAL ETF RESTRAINT AND HOW TO PLAY A REBOUND Here's an interesting stat about where the ETF backdrop stands: Cyclical relative Defensive ... We see this in the spread between Equity and Bond ETF flows too, another measure in its bottom quintile. It's a low bar for cyclical areas to ...

ETF Description Oct 9, 2026 Oct 16, 2026 Oct 23, 2026 SPY S&P 500 1.16% -1.97% -0.43% XLK Technology -0.52% -7.70% -0.13% XLY Cons. Disc. 2.55% -0.35% 0.57% XLC ... QQQ fell -2.85%, its worst daily return since June 23, and the Mag7 ETF (MAGS) fell -3.35% as all other members of the group fell in sympathy, except for AAPL, ... META 5Yr CDS With financing hurdles top of mind, neocloud names continued to feel pressure, with NCLD Roundhill Neocloud ETF) falling -7.07%, while on the other ...

... REMAINS IN A DOWNTREND Proprietary Information - Please Do Not Redistribute. 12 10/26/2026 China ETF: FXI 50 & 200-Day MA Overbought / Oversold Positive ↑ / Negative ↓ Trend Signals Trend turned negative back in March and has shown no signs of any durable improvement since. INDIA IS NO DIFFERENT... Proprietary Information - Please Do Not Redistribute. 13 10/26/2026 India ETF: INDA 50 & 200-Day MA Overbought / Oversold Positive ↑ / Negative ↓ Trend Signals Peaked back ...

... Pessimism 38 th percentile 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. Historical Range MANY COMPONENTS NOW MORE SUPPORTIVE, PARTICULARLY ETF FLOWS Proprietary Information - Please Do Not Redistribute. 25 10/23/2026 Todd Sohn's ETF work indicates flows are in the 16 th percentile historically. ...

Proprietary Information - Please Do Not Redistribute. See Appendix for Important Disclosures. ETF Research Wednesday, October 21, 2026 Todd Sohn, CMT (646) 292-7958 tsohn@bairdstrategas.com LIST OF EVERYTHING BUT A.I. ETFs One of the great joys ... ETFs" in search of an exposure excluding AI-related firms. In an environment where Tech + Tech-adjacent firms are (depending whom you ask) over 50% of the S&P 500, it's quite a challenge. We attempted to distill down the large-cap ETF ...

That said, she also points out that, in the short term, a Bolsonaro win appears largely priced in and that further capital inflows could depend on policy delivery. 10/22/26 Proprietary Information - Please Do Not Redistribute. 2 The iShares MSCI Brazil ETF (EWZ) has seen intense options activity, with a focus on call contracts, since August 24, when Bolsonaro's odds improved significantly relative to Lula's in the polls. Following the first round of Brazil's general election ...

... The data center ETFs have been underperforming the S&P 500 since Virginia and Texas both began talking about more regulation of data centers in late June. The data center ETF, SRVR, relative to the S&P 500 has moved inversely with Democratic governor candidate polling. As the Dems leads in data center state governor races increase, the data center ETF has ... Oct-25 Jan-26 Apr-26 Jul-26 Oct-26 DTCR Data Center ETF rel S&P 500 Source: Factset The tech industry lobbied to ...

... Supreme Court justices, so its composition will shape policy beyond legislation. Note: Congress composition changes February 2027. 10/21/26 Proprietary Information - Please Do Not Redistribute. 4 BRAZIL ETF FLOWS RE-SURGING SINCE BOLSONARO ODDS ROSE. EARNINGS HAVE DRIVEN MUCH OF THIS YEAR'S RETURNS, COMMODITY PRICES HELPED. Note: Data through 10/20/26. Stacked bars do not sum to price appreciation due to excluded dividends, multiplicative compounding, and index rebalancing. ...

... Still, despite the fears, spreads on an index we made of bonds from companies in major AI ETFs are well below where they hit during the Liberation Day selloff. The recent move is certainly an escalation of fears, and the next key level is April 2025. Getting above those highs would signal to us that the market has changed how it views the AI trade structurally. We're roughly 20 bps from that level, and a change could happen rapidly, so we're staying tuned for signs of further ...

ETF Flows Percentile Prepared by Baird Strategas LLC, FINRA member. Proprietary Information - Please Do Not Redistribute. See Appendix for Important Disclosures. ETF Research Tuesday, October 20, 2026 Todd Sohn, CMT (646) 292-7958 tsohn@bairdstrategas.com THE FLOWS & LEVERAGE BACKDROP ARE CHANGING Below is what you need to know from the ETF universe this ... The spread between Equity and Fixed Income ETF flows are in their bottom decile as demand for bond exposures rise. ...