Bottom line, as chief market strategist Chris Verrone has told us, money is actively rotating around equities, not leaving the asset class. Energy has strengthened and ~90% of the sector is in uptrends in our work. Chris prefers energy equities to the commodity. Todd Sohn our chief ETF strategist has also noted that energy flows have reset following the March sugar rush. Energy is an anti-beta play now. Energy Trade Idea: XLE Aug 58-62 Call Spread for $0.73 * 1.3% of spot * ...

May. Jun. Cumulative Energy Sector ETF Flows vs. $ Volume Since U.S. / Iran Conflict $MM Prepared by Baird Strategas LLC, FINRA member. Proprietary Information - Please Do Not Redistribute. See Appendix for Important Disclosures. ETF Research Thursday, July 9, 2026 Todd Sohn, CMT (646) 292-7958 tsohn@bairdstrategas.com ENERGY ETFs: ANTIDOTE TO HIGH BETA A quick look under the hood of most popular ETFs reveals 1) overexposure to large-cap Growth and Tech, while 2) very limited ...

Tsy Futures Vol Tsy Net Issuance & RRF Operations MOVE Index & Bond ETF Volatility Options on Tsy Futures OI Tsy Auction Bid-to-Cover Data Note/Bond Allotment + Dealer Positions Non-Comm. ... NEUTRAL 7/8/26 Proprietary Information - Please Do Not Redistribute. 13 BOND MARKET VOLATILITY: MOVE INDEX & BOND ETF ATM IMPLIED VOLATILITY Broad bond volatility has declined as fears faded and volatility on major ETFs remains moderate ex emerging markets. We'll keep this as long provided ...

... Deviation Bands Ongoing downtrends, but curious if yesterday's +2 sigma alerts can kick these charts back in gear. ✓ ✓ CYBER SECURITY NAMES CONTINUE TO WORK Proprietary Information - Please Do Not Redistribute. 23 7/7/2026 Cybersecurity ETF: HACK 50 & 200-Day MA HACK Relative to S&P 500 Positive / Negative Trend Signals Overbought / Oversold + ALERT FROM PCAR YESTERDAY IN THIS POTENTIAL BIG BASE Proprietary Information - Please Do Not Redistribute. 24 7/7/2026 Paccar: ...

Do Not Redistribute. See Appendix for Important Disclosures. ETF Research Tuesday, July 7, 2026 Todd Sohn, CMT (646) 292-7958 tsohn@bairdstrategas.com LEVERAGED ETF CHARTBOOK: $200 BN AUM, 700 FUNDS In our recent travels, every meeting has been centered around one topic: the growth of leveraged ETFs. Given this plus the number of requests we've received on the topic recently, we thought sharing various stats and charts about this area of the ETF industry would be helpful. ...

Dispersion within large cap tech remained significant, with a rebound in the Mag7 cohort on one end, the MAGS ETF rose ... The VIX declined to 16.15 heading into the long weekend, down from 18.41 the prior week. 2Q26 Return ETF Description Jun ... and forced deleveraging, especially as leveraged ETFs continue to amplify market moves, particularly in tech and semis. ... remaining cautious on semiconductor volatility, which is being amplified by the daily rebalancing of leveraged ETFs. ...

... 104 106 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 TLT 20+ Year Treasury Bond ETF (Indexed to 100 on 1/1/26) Source: FactSet May 19th 7/6/26 Proprietary ... Jan '26 Mar '26 May '26 Jul '26 Global X Data Center & Digital Infrastructure ETF Rel S&P 500 7/6/26 Proprietary Information - Please Do Not Redistribute. 21 ... 110 120 Mar-24 Jul-24 Nov-24 Mar-25 Jul-25 Nov-25 Mar-26 Jul-26 Homebuilders ETF rel S&P 500 & # of Rate Cuts Priced in Through June '27 XHB rel S&P 500 Rate ...

... Proprietary Information - Please Do Not Redistribute. 6 7/6/2026 S&P 500 60 Minute Ticks, Last 60 Days 7540 7295 SHORT-TERM QQQ CHART LOOKS WORSE Proprietary Information - Please Do Not Redistribute. 7 7/6/2026 QQQ 60 Minute Ticks, Last 60 Days 738 702 RSP JUST FINE... Proprietary Information - Please Do Not Redistribute. 8 7/6/2026 Equal-Weight S&P ETF: RSP 60 Minute Ticks, Last 60 Days ✓ Nothing wrong here... HEALTHCARE 20-DAY HIGHS ARE SURGING, DECISIVE BREAKOUT ...

... I have always believed that asking a sell-side analyst about what they are doing with their own money would reveal more about what he or she might really believe about the markets than any 40-page, fancy pants PowerPoint presentation. I shorted ETF FXB on the news of Starmer's retrograde approach to economic policy last week. 1.34 1.05 1.25 1.45 '21 '22 '23 '24 '25 '26 GBPUSD Spot Exchange Rate Source: Strategas, Bloomberg 7/2/26 Proprietary Information - Please Do Not ...

ETF Research Thursday, July 2, 2026 Todd Sohn, CMT (646) 292-7958 tsohn@bairdstrategas.com RARE WEIGHT FOR CONSUMER ... ETF flows to Consumer Discretionary have flatlined, although we believe this has more to do with lack of enticing exposures than a read on the strength or weakness of the space. Thematic ETFs could be another source of competition, although we'd reiterate that most single theme ETFs come with poor risk- adjusted returns and high volatility. PEJ is the route ...