... We are forecasting S&P operating earnings of $407 in 2027 and a target price of 8,140 for the Index (assuming a 20x multiple). Sentiment Our overall sentiment work has backed off from recent extremes, but there are a few areas that leave us uncomfortable. Sector flows continue to heavily favor Tech, and levered ETF exposure is on the goal line of a new high. Option skews are heavily favored towards calls and investor survey data - while slightly less enthusiastic recently - ...

... Relative to S&P 500 Positive / Negative Trend Signals MAG 7 AT THE HIGHS... Proprietary Information - Please Do Not Redistribute. 6 10/2/2026 Mag 7 ETF: MAGS 50 & 200-Day MA ✓ We've been bullish on MAG 7 and the chart is now validating. ... 99 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. ...

... the aggregate market capitalization of S&P 500 constituents also held by the Global X Artificial Intelligence & Technology ETF (AIQ). ... S&P 500 Performance Index = 100 on 5/16/2018 AIQ Inception Global A.I. ETF (AIQ) Equal-Weight S&P 500 S&P 500 10/1/26 Proprietary ... 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 ...

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Annual # of Thematic ETF Launches Prepared by Baird Strategas LLC, FINRA member. Proprietary Information - Please Do Not Redistribute. See Appendix for Important Disclosures. ETF Research Thursday, October 1, 2026 Todd Sohn, CMT (646) 292-7958 tsohn@bairdstrategas.com THE THEMATIC ETF FLOOD IS HERE -Over 100 new thematic ETFs have launched this year, accounting for 10% of total new ETFs. ...

the VIXEQ Index rose to 38.46 from 36.38 the week before. ETF Description Sep 11, 2026 Sep 18, 2026 Sep 25, 2026 SPY S&P ... volatility remain very subdued for the Russell 2000 ETF (IWM), with one-month implied volatility at the 15 th ... This is particularly evident in Tech/AI-related names. For example, the semiconductor ETF SMH experienced a spot-up/... We remain constructive and would use the still- low volatility in Tech/AI names and concentrated ETFs such as SMH and ...

the VIXEQ Index rose to 38.46 from 36.38 the week before. ETF Description Sep 11, 2026 Sep 18, 2026 Sep 25, 2026 SPY S&P ... volatility remain very subdued for the Russell 2000 ETF (IWM), with one-month implied volatility at the 15 th ... This is particularly evident in Tech/AI-related names. For example, the semiconductor ETF SMH experienced a spot-up/... We remain constructive and would use the still- low volatility in Tech/AI names and concentrated ETFs such as SMH and ...

2026 DATA CENTER ELECTION IMPACT MORE LIKELY TO BE DRIVEN BY GUBERNATORIAL RACES THAN CONGRESSIONAL RACES 72 74 76 78 80 82 10 12 14 16 18 20 22 24 26 28 8/16 8/21 8/26 8/31 9/5 9/10 9/15 9/20 9/25 Average Betting Odds Lead of Democratic Governors in Data Center States & SRVR Datacenter ETF rel S&P 500 Avg Dem Governor Lead (Left) SRVR rel S&P 500 (Right, Inverted) We spent this weekend with an august group of investors at Baird Strategas' 12 th Annual Tuckers Point retreat. ...

... Proprietary Information - Please Do Not Redistribute 9/28/2026 10 MAG 7 BROKE OUT LAST WEEK Proprietary Information - Please Do Not Redistribute. 11 9/28/2026 MAG 7 ETF: MAGS 50 & 200-Day MA MAGS Relative to S&P 500 Positive / Negative Trend Signals Overbought / Oversold ✓ Difficult to be too bearish when the largest stocks are reemerging from a long consolidation. MSFT HAS SUCCESSFULLY BURNED OFF THE OVERBOUGHT CONDITION Proprietary Information - Please Do Not ...

20 40 60 80 100 High vs. Low Beta ETFs Z-Score Cyclical - Defensive Sector Flows Lev. Long to Inverse $ Vol. Levered Long AUM Lev. Long to Inverse AUM Ratio T-Bill ETF Flows Equity - Bond ETF Flows Equity ETF Flows Percentile ETF Activity Barometer Prepared by Baird Strategas LLC, FINRA member. Proprietary Information - Please Do Not Redistribute. See Appendix for Important Disclosures. ETF Research Monday, September 28, 2026 Todd Sohn, CMT (646) 292-7958 ...

... 9 9/25/2026 Excessive Optimism Excessive Pessimism 56 th percentile DECISIVE BREAKOUT FOR MAG 7... 4Q MELT-UP? Proprietary Information - Please Do Not Redistribute. 10 9/25/2026 Mag 7 ETF: MAGS 50 & 200-Day MA Daily % Change with +/- 2 Std. ... TAIWAN QUICK TO NEW PRICE & RELATIVE HIGHS Proprietary Information - Please Do Not Redistribute. 40 9/25/2026 MSCI Taiwan ETF: EWT 50 & 200-Day MA Taiwan: EWT Relative to S&P 500 Positive / Negative Trend Signals MEANWHILE, CHINA WEAK BOTH ...