$7,000 Average Daily Equity ETF Flows $MM Strategas ETF Research See Appendix for Important Disclosures ETF Research Tuesday, May 19, 2026 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com NEW HIGH FOR LEVERED ETF AUM & HEDGING HIGH BETA What we believe you should know from the ETF universe today: 1) New high for levered long assets... the rocket ascent from Semiconductors has pushed levered long ETF AUM to a new high through last week, above $180 Bn. ...

... 6% - - iShares Gold Trust (IAU) Commodities 25% 3% - - Aberdeen Standard All Commodity ETF (BCI) Agriculture 20% 2% Invesco DB Agriculture (DBA) 100% 11% 100% 10% * Strategas' ... 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 20% 12% 19% 11% iShares S&P 500 Value ETF (IVE) EM AC Core 16% 9% 11% 7% iShares MSCI EM Core ETF (IEMG) US LC Core 10% 6% 12% 7% ...

Most sectors experienced negative or muted price action as rates rose sharply, with the 10-year yield climbing to 4.59% from 4.35% the prior week. Crude oil moved higher amid no signs of progress in the Iran conflict, with WTI closing above $105 and USO gaining +10.96% on the week; energy stood out to the upside, with XLE rising +6.71%. ETF Description May 1, 2026 May 8, 2026 May 15, 2026 SPY S&P 500 0.94% 2.35% 0.21% XLK Technology 1.03% 8.43% 0.42% XLY Cons. Disc. -0.05% ...

... Nov-24 Mar-25 Jul-25 Nov-25 Mar-26 Homebuilders ETF rel S&P 500 & # of Rate Cuts Priced in Through June '27 XHB rel S&P 500 Rate Cuts Priced In (Right Axis) 5/15/2026 www.strategasrp.com Proprietary Information - Please Do Not Redistribute 6 TREASURY IS LOSING CONTROL OF THE LONG END We have been sanguine about the Treasury market once Treasury figured out that new issuance can occur on the short end of the curve and supply can be restrained on the longer end of the curve. ...

... IWM has held its own since the war broke out & that's with rates up. 0 20 40 60 80 100 Strategas Sentiment Dashboard Weekly Median Percentile of Inputs SENTIMENT COMPOSITE UP, BUT NOT AT EXTREMES (YET) Strategas Technical & Macro Research 8 5/15/2026 Top Quintile Bottom Quintile 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 ...

... Each of these themes are currently in Strategas Asset Management's Macro Thematic Opportunities ETF (SAMT). 5/14/26 Strategas Securities - Research Outlook PROPRIETARY INFORMATION - ... are now more than 18% of the S&P 500. With the recent performance, the SOXL ETF (3x leveraged long semiconductor ETF) has roughly doubled in size to surpass $20Bn in AUM. Because leveraged ETFs must rebalance daily, typically buying into rallies and selling into declines, SOXL has ...

See Appendix for Important Disclosures ETF Research Thursday, May 14, 2026 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com NEW FED CHAIR HAS $8 TRILLION AT PLAY Pairing off with one of Jason Trennert's Major Investment Themes of 2026 - A New Fed Chair Gets Tested - from our perch within the ETF ... We believe this is where Fixed Income ETFs, particularly the actively managed space, has a growth opportunity. Active Fixed Income ETFs are roughly 23% ...

... to S&P 500 Positive / Negative Trend Signals FYI... + TREND CHANGE FOR RICE Strategas Technical & Macro Research Proprietary Information - Please Do Not Redistribute 20 5/13/2026 Rough Rice Futures 50 & 200-Day MA Overbought / Oversold Positive ↑ / Negative ↓ Trend Signals WHEAT CONTINUES TO TURN UP AS WELL Strategas Technical & Macro Research Proprietary Information - Please Do Not Redistribute 21 5/13/2026 Wheat ETF: WEAT 50 & 200-Day MA Daily % Change with +/- 2 Std. ...

Semiconductors S&P 500 Industry Group % Weight Change Since 2/27/2026 Strategas ETF Research See Appendix for Important Disclosures ETF Research Tuesday, May 12, 2026 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com LIST OF ETFs TO HEDGE HIGH BETA Below is a list of stats that stand out to us today: * Semis are now 18.4% of the S&P 500. They were 14.2% at the start of 2026. The Tech sector is over 37%. * NVDA is larger than the Healthcare sector. ...

The Nasdaq 100 gained +5.50%, the small-cap Russell 2000 rose +1.72%, and the S&P 500 equal-weight index lagged once again, finishing only +0.64%. The VIX closed the week roughly unchanged at 17.19 versus 16.99 the prior week. ETF ... NVDA also advanced +8.44% on the week and is now +15.39% YTD. Other mega-cap tech names posted solid gains as well, lifting the Mag7 ETF (MAGS) by +4.11%. Software was another bright spot: IGV rose +5.22% as several names delivered outsized ...