Annual S&P 500 Contribution of 10 Largest Weights During Positive Performance Years Source: Strategas, Bloomberg, 10/31/25 Strategas ETF Research See Appendix for Important Disclosures ETF Research Tuesday, November 11, 2025 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com FLOWS + LEVERAGE HEATING UP Government shutdown or no shutdown, the ETF universe never sleeps - here's 3 items you should be aware of this week: 1) Equity flows are heating up. ...

Nov. 11, 2025 Strategas Securities, LLC Ryan Grabinski (646) 292-7910 rgrabinski@strategasrp.com Jon Byrne (212) 897-6386 jbyrne@strategasrp.com Not Even "AI" Can Beat The Market...Yet About 18 months ago, my colleague Todd Sohn pointed out that the ticker AIEQ is an AI Powered Equity ETF that utilizes IBM's Watson platform for security selection. Since early 2023, when the "AI craze" really began gaining momentum, the ETF has lagged the market by roughly 20%. The good news ...

... But with the government funding Food Stamps through the remainder of the year, more visibility on the economic data, and $150bn of new consumer aid coming, follow through is likely coming. 90 92 94 96 98 100 102 104 106 5% 10% 15% 20% 25% 5/31 6/20 7/10 7/30 8/19 9/8 9/28 10/18 11/7 Betting Odds that Tariff Revenue is Refunded & XRT Retail ETF rel S&P 500 (Polymarket) XRT Retail ETF rel S&P 500 (Right) Odds that Tariffs are Refunded (Left) 88 90 92 94 96 98 100 102 5% 10% 15% ...

... Reluctant to get too bearish so long as that's the case. CAN THE KRE HOLD THE LINE? Strategas Technical & Macro Research Proprietary Information - Please Do Not Redistribute 14 11/10/2025 S&P Regional Banking ETF: KRE 50 & 200-Day MA KRE Relative to S&P 500 Positive / Negative Trend Signals $57.55 Don't want to see KRE trade to a fresh 3m low... important this stay above the $57 level. IMPORTANT MOMENT FOR BLK TOO... OVERSOLD IN AN UPTREND Strategas Technical & Macro Research ...

Long Neutral Short Asset Manager/ Lev Funds Net Positions FFR Futures Vol + OI Tsy Net Issuance & RRF Operations MOVE Index & Bond ETF Volatility Shorter Duration Futures OI Tsy Auction ... LONG 11/7/25 Please see the Appendix for important disclosures. BOND MARKET VOLATILITY: MOVE INDEX & BOND ETF ATM IMPLIED VOLATILITY Yield volatility has touched new lows, and most measures of bond market ETF volatility are tame. With both broad market and fund-specific volatility tame, ...

... Nobody wants REITs, even with Fed cuts back on-though 10-year yields haven't budged since the September '25 cut. Equity ETF Flows S&P Futures Positioning 10-Day Put/Call ... RARE +$100 BN MONTHLY INFLOW FOR EQUITIES 27 11/7/2025 S&P 500 Monthly Monthly Equity ETF Flows $ Bn 1yr Avg ✓ ✓ ✓ ✓ Part continued ETF adoption, as well as enthusiasm for the equity rally. Just the 4 th time equity ETFs have done over $100 Bn in a calendar month. Strategas Technical & Macro Research ...

Absolute trends aren't awful at least, but we'll be eyeing any deterioration closely going forward. LYV is a roadmap of consolidations ultimately breaking down instead. 3) Mixed Trends Overall, Bullish Large Format Names. In a cap-weight world, the Communications ETF (XLC) is only a few points removed from a fresh high, yet less than 50% of names trade above their 200-day average. Ideally, participation improves but this is a risk into '26. Elsewhere, look down the cap scale ...

Nov. 4, 2025 Elevated Volatility and Flat Skew Remain * The VIX remains stubbornly high despite the S&P being up 8 of the last 11 days and the spread between implied vol and realized vol remains wide. Options volume was on the lighter side yesterday and we are seeing ETF skew flattening out a bit, a phenomenon we saw with large cap single name options as we approached earnings and investors flocked to calls. 1-month SMH skew is down to the 11th percentile while SPY and QQQ ...

39 41 43 Cumulative 2025 Equity ETF Flows ($MM) Equity ETF Flows Weekly Sum ($MM) Trading Week Equity ETF Flows Weekly Sum ($MM) Diamond = Cumulative 2025 Flows Strategas ETF Research See Appendix for Important Disclosures ETF Research Tuesday, November 4, 2025 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com FREQUENT QUESTION: HOW TO HEDGE? With October in the books, here's what you should know from the ETF universe today: Equity Flows Heating Up. ...

... SOYBEANS BID Strategas Technical & Macro Research Proprietary Information - Please Do Not Redistribute 19 11/4/2025 Generic Soybeans Futures 50 & 200-Day MA Overbought / Oversold Positive ↑ / Negative ↓ Trend Signals ✓ MARKET HAS VOTED LOUDLY HERE... Strategas Technical & Macro Research Proprietary Information - Please Do Not Redistribute 20 11/4/2025 MSCI Argentina ETF: ARGT 50 & 200-Day MA Overbought / Oversold Positive ↑ / Negative ↓ Trend Signals WITHIN HC, LLY ...