ETF Research Thursday, August 6, 2026 Todd Sohn, CMT (646) 292-7958 tsohn@bairdstrategas.com GOLD + BITCOIN ETFs STILL HAVE A ROLE TO PLAY Since the eruption of "Metal Mania" back in January, ... Today, what's interesting to us about the environment is 1) our ETF work has meaningfully cooled and 2) our Options team is also flagging the ... Flows suggest a low bar for tactical long exposure, and we also present call option for those seeking to limit capital to premiums. ETFs to ...

Duration Futures OI MOVE Index & Bond ETF Volatility Options on Tsy Futures OI Options on Futures OI Put/Calls Note/Bond Allotment + Dealer Positions Non-Comm. ... NEUTRAL 8/5/26 Proprietary Information - Please Do Not Redistribute. 13 BOND MARKET VOLATILITY: MOVE INDEX & BOND ETF ATM IMPLIED VOLATILITY Broad bond volatility has picked up a bit recently, but remains relatively low versus history. With volatility on individual fixed income ETFs tame too, we maintain this as long. LONG ...

... MA & 65-Day High Line BLK Relative to S&P 500 Positive / Negative Trend Signals EURO RELATIVE HIGH LIST STILL DOMINATED BY FINANCIALS Proprietary Information - Please Do Not Redistribute. 19 8/4/2026 AIRLINES STILL TRENDING Proprietary Information - Please Do Not Redistribute. 20 8/4/2026 Airline ETF: JETS 50 & 200-Day MA JETS Relative to S&P 500 Positive / Negative Trend Signals Overbought / Oversold ✓ ✓ Strong response from a modestly oversold position over recent days. ...

Proprietary Information - Please Do Not Redistribute. See Appendix for Important Disclosures. ETF Research Tuesday, August 4, 2026 Todd Sohn, CMT (646) 292-7958 tsohn@bairdstrategas.com LEVERED ETFs HIT PAUSE + NOTABLE AUGUST CHARTS Webcast Announcement: Thursday, August 13 th at 10 AM EST. Please join myself and our Equity Derivatives Strategist, Laurent Laskowski, for a webcast focused on the levered ETF space, the growth of Options ETF usage, and a handful of ETF + Option ...

The MAGS ETF rebounded +4.45%, led by Microsoft (+21.75%), Amazon (+17.0%), and Alphabet (GOOGL/GOOG), which rallied ... Jul '26 Return ETF Description Jul 17, 2026 Jul 24, 2026 Jul 31, 2026 SPY S&P 500 -1.54% -0.59% 1.10% 0.03% XLK ... While semiconductors were among last week's laggards, the VanEck Semiconductor ETF (SMH) rebounded +6.87% on Thursday, ... Interestingly, implied volatility dropped heavily for the ETF, a departure from the spot-up vol-up regime seen earlier ...

... EUROSTOXX BACK TO THE HIGHS Proprietary Information - Please Do Not Redistribute. 13 8/3/2026 EuroStoxx 600 50 & 200-Day MA % of Stocks Above 200-Day MA 74% ✓ Touched the highest % above the 200-day last week since mid-2024. EAFE SIDEWAYS SINCE THE WAR BEGAN, NOW BREAKING OUT Proprietary Information - Please Do Not Redistribute. 14 8/3/2026 MSCI EAFE ETF: EFA 50 & 200-Day MA Overbought / Oversold Positive ↑ / Negative ↓ Trend Signals ✓ Feb. 27 th WE'VE BEEN SKEPTICS ...

... Profit margins also remain robust with operating margins making new highs. 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 Levered ETF AUM has eased - albeit painfully - while other sentiment measures (investor surveys, options market) remain restrained. Tech sector flows are still a threat, but that's not enough to move overall sentiment to a liability. Technical ...

We've also written on our desk about how the rally from the March 30 th lows has been marked by pronounced volatility dispersion across market constituents while index volatility remains paltry. Some of these dynamics are driven by the growth of ETF product popularity (both vol enhancing and vol dampening products). Our Chief ETF strategist Todd Sohn has been highlighting extreme ETF flows, particularly in the levered space, for months. Of course, it's hard to time when ...

ETF (DRAM) Inception to Peak Flows Flows Since Peak Inception to Peak Return Return Since Peak Prepared by Baird Strategas LLC, FINRA member. Proprietary Information - Please Do Not Redistribute. See Appendix for Important Disclosures. ETF Research Thursday, July 30, 2026 Todd Sohn, CMT (646) 292-7958 tsohn@bairdstrategas.com MEMORY ETFs JOINING A NOT SO ILLUSTRIOUS GROUP A few tidbits we think you should know from the ETF universe: 1) Believe it or not, DRAM is already burning ...

Proprietary Information - Please Do Not Redistribute. See Appendix for Important Disclosures. ETF Research Tuesday, July 28, 2026 Todd Sohn, CMT (646) 292-7958 tsohn@bairdstrategas.com HOT TECH SUMMER: ETFs BUYING DIP Hot Tech Summer. The Nasdaq 100 peaked almost 2-months, Semis are in a 20-30% drawdown, and levered ETF notional values have declined $100 Bn, yet flows to Tech-related exposures persist. Since the 6/2 QQQ closing high, Tech sector ETFs have seen >$20 Bn inflows ...