... 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 ...

... 36% 21% 37% 22% 100% 59% 100% 60% Strategas Asset Allocation SMA Portfolio 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 AC Core 12% 7% 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 4% 2% 2% 1% iShares S&P Mid-Cap 400 Value ETF (IJJ) US SC Core 2% 1% 1% 1% ...

1993 12.2% 7.1% Annual S&P 500 Contribution of 10 Largest Weights During Positive Performance Years Source: Strategas, Bloomberg, 6/29/26 Strategas ETF Research See Appendix for Important Disclosures ETF Research Tuesday, June 30, 2026 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com Knocking on $16 trillion AUM and 5,400 ETFs as 3Q commences, below is what you need to know from the ETF universe: To us, 3Q is about low Tech & low correlation ETFs. ...

... To The S&P 500 & Strategas Consumer Stimulus Indicator Strategas OBBBA Consumer Rel S&P 500 Strategas Consumer Stimulus Indicator (Right) 94 96 98 100 102 104 106 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 6/29/2026 www.strategasrp.com Proprietary Information - Please Do Not Redistribute 5 WARSH COMMITTEES TO BE FINALIZED BY YEAR-END; GROWING CONSENSUS BALANCE SHEET CAN BE REDUCED $4.0 ...

the MAGS ETF was down -5.87%, SMH (semiconductors) fell -7.31%. Interestingly, in spite of the sharp selloff in crude oil, USO (crude oil exposure) down -8.17%, Energy stocks (XLE) managed to close the week positive up +0.84%. ETF ... downside momentum in Mag7 names remains key, MAGS ETF down -12.88% so far in June vs. -2.98% for the S&P 500. ... Todd Sohn published on June 9, which pointed out non-tech ETF candidates for bullish calls spreads. 06/29/26 Strategas ...

... If there's one thing investors might want to put on their radar, it's that such strong growth means companies will be facing tough comps next year. Sentiment Our sentiment composite sits in the 61st percentile today. That's rising from suppressed levels but shy of prior extremes. Notably though, there are still pockets of aggressive behavior: levered ETFs are over $200 Bn AUM (a new high) while also averaging over $45 Bn traded per day (another new high). Tech sector flows ...

Daniel Clifton (202) 290-8262 dclifton@strategasrp.com Jeannette Lowe (202) 243-7583 jlowe@strategasrp.com Courtney Gelman (202) 243-7584 cgelman@strategasrp.com Christopher McGrath (202) 223-7646 cmcgrath@strategasrp.com Policy Outlook Fri. Jun. 26, 2026 TOP HOUSE DEMOCRAT PROPOSES DATA CENTER MORATORIUM 90 100 110 120 130 140 150 160 Jan '25 Mar '25 May '25 Jul '25 Sep '25 Nov '25 Jan '26 Mar '26 May '26 Global X Data Center & Digital Infrastructure ETF Rel S&P 500 We have ...

... FRESH RELATIVE BREAKDOWN FOR MAG 7 THIS WEEK Strategas Technical & Macro Research 9 6/26/2026 MAG 7 ETF: MAGS 50 & 200-Day MA MAGS Relative to S&P 500 Positive ... NEW HIGH FOR BANKS THIS WEEK, INCLUDING REGIONALS Strategas Technical & Macro Research 14 6/26/2026 KBW Bank Index 50 & 200-Day MA Regional Bank ETF: KRE 50 & ... $7,000 $9,000 $11,000 $13,000 $15,000 Trailing 65-Day Flows YTD Flows Sector ETF Flows: Trailing 65-Days vs. 1-Year $MM THE BAR IS LOW FOR ANYTHING NON-TECH ...

... We like using shorter duration call spreads to play sectors that have been spot up vol up such as semiconductors. We like downside structures in USO (we know it's becoming harder) to play a break in crude, but prefer options to shorting the outright physical or ETFs. We like hedging portfolios at the S&P and Nasdaq levels. **We have an Bloomberg IB distribution for tactical ideas and options color we are fairly active with on a daily basis for more active options ...