... Solar Wind Hydro Nat. Gas Nuclear Batteries Other Coal 20 40 60 80 100 120 140 Jan '22 Jan '23 Jan '24 Jan '25 Invesco Solar ETF Relative S&P 1500 IRA Passes Senate Trump Elected Moratorium Ends; WH Announces Solar Tariffs Commerce Dumping Determination Commerce Imposes Circumvention Duties Solar Tariff Moratorium While this report focuses on the IRA, we want to highlight that the IRA and a Republican regulatory agenda are not the only headwinds for green energy names. ...

largest dollar volume day for the Gold ETF since inception in 2004, and especially meaningful given the sharp downside reversal and blow-off conditions that preceded it. ... GOLD FLOWS PARABOLIC Please Do Not Redistribute 4 4/23/2025 SPDR Gold ETF: GLD 50 & 200-Day MA Gold ETF Flows Rolling 65-Day Sum, $Bn +-2 Standard Deviations ✓ As Todd Sohn has been keen to point out in our ETF work, elevated flows and extremely high z- score for Gold ETFs... looks like a blowoff. GLD ...

... 60% 36% 63% 38% International 40% 24% 37% 22% 100% 60% 100% 60% Strategas Portfolio Exposures Dev AC Core 28% 17% 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 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 3% 2% 2% 1% iShares S&P Mid-Cap 400 Value ETF (IJJ) US SC Core 2% 1% 1% 1% ...

Duration Bonds Growth Factor Value Factor Short Duration Bonds Europe Equity Gold Treasury Bills ETF Flows Since 2/19/25 S&P 500 Peak $MM Strategas ETF Research Please Do Not Redistribute See Appendix for Important Disclosures ETF Research Tuesday, April 22, 2025 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com 3 ITEMS WE THINK YOU SHOULD KNOW SINCE THE MARKET PEAK 1) Just over 2-months since the S&P 500 high price, ETF allocations have left ...

EASTER MONDAY OR THE "WHIMPER" Strategas Technical & Macro Research Please Do Not Redistribute 3 4/22/2025 S&P 500 ETF: SPY 50 & 200-Day MA Daily $ Volume $36bn ... Technical & Macro Research Please Do Not Redistribute 12 4/22/2025 Gold ETF: GLD 50 & 200-Day MA Daily $ Volume To be fair, we've thought this for the ... GLD CALL VOLUME ALSO EXTREME Strategas Technical & Macro Research Please Do Not Redistribute 15 4/22/2025 Gold ETF: GLD 50 & 200-Day MA Daily Call Volume 1 st ...

(which are down anywhere between 20 and 30% year-to-date) the performance of the ETFs representing private credit (-1%), investment grade credit (-1%), and high yield (-3%). ... 3/27/2025 4/10/2025 Source: Strategas, FactSet, SPDR SSGA IG Public & Private Credit ETF Inception on 2/27/25, Data as of 4/17/25 Performance Indexed to 100 Private Credit ETF (PRIV) High Yield Credit ETF (HYG) Investment Grade Credit (AGG) Business Development Company ETF (BIZD) "Last week, ...

... captured the Biden Administration's agenda than the mainstream green energy ETFs which had heavy weightings towards China-domiciled entities. ... Jan '25 Green Energy Basket Relative To iShares Global Clean Energy ETF (100 = 3/31/2020, Excludes FUV, AQUA, REGI, SPWR) IRA Signed Trump ... Aug-22 Jan-23 Jun-23 Nov-23 Apr-24 Sep-24 Feb-25 Consumer Staples ETF rel SPY & SNAP Food Stamps Spending Consumer Staples ETF rel SPY (Left) SNAP Spending (20-Day Sum, $BN, Right) 4/17/2025 ...

The German ETF (EWG), along with the Spanish, Italian and Greek ETFs are all at fresh relative highs vs. the S&P. It may surprise you, but Chinese Financials are also still leading. 5) We've long been Gold bulls, but ... has been revised lower >700 points from Jan 1. FRESH RELATIVE HIGH FOR GERMANY ETF vs. S&P Strategas Technical & Macro Research Please Do Not Redistribute 10 4/17/2025 Germany ETF: EWG 50 & 200-Day MA EWG Relative to S&P 500 Positive / Negative Trend Signals ...

Volatility has been elevated, but the recent reprieve on a shortened holiday week may be giving a fake all clear here. Our policy team has also highlighted the likelihood of strained liquidity conditions post Tax Day over the next three weeks. In aggregate, be on guard next week. Gold And Then Everything Else YTD Looking at a broad spectrum of ETF performance YTD there's been few assets that are at and or near 52 weeks highs. As the chart below shows, its really just gold and ...

... Yield RPG Invesco S&P 500 Pure Growth ETF QQQ Invesco QQQ Trust Series I XLK Technology Select Sector SPDR Fund XLC Communication Services Select Sector XLY Consumer Discretionary Select Sector FPX First Trust US Equity Opportunities ETF 5.80 5.90 6.00 6.10 6.20 6.30 6.40 85 ... Dollar Index Bearish Fund IXUS iShares Core MSCI Total International Stock ETF SPTS SPDR Portfolio Short Term Treasury ETF TLT iShares 20+ Year Treasury Bond ETF MBB iShares MBS ETF IGSB iShares 1-5 ...