... 7% - - iShares Gold Trust (IAU) Commodities 27% 3% - - Aberdeen Standard All Commodity ETF (BCI) Agriculture 18% 2% Invesco DB Agriculture (DBA) 100% 12% 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 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 8% 5% 12% 7% ...

ETF Research Thursday, August 20, 2026 Todd Sohn, CMT (646) 292-7958 tsohn@bairdstrategas.com CHECKING IN ON INDUSTRIALS Here's an interesting stat to us: using a 20-year lookback, rolling 6-month relative performance for the equal-weight Industrials sector ETF (RSPN) has fallen to its bottom percentile. The tricky part is the context: the ETF is also coming off a substantial 3- year run accompanied by a surge of flows to the spectrum of Industrial ETF exposures. It's a ...

... of rallies have so far earned our respect (e.g., DELL, HPE, LITE to name a few). SNDK, MU, and MRVL are all close to doing so as well. Will continue to monitor this list. WATCH THE TRAILING 20-DAY LOW LINE ON THE SOXX Proprietary Information - Please Do Not Redistribute. 12 8/20/2026 iShares Semi ETF: SOXX 50 & 200-Day MA & 20-Day Low Line Overbought / Oversold Positive ↑ / Negative ↓ Trend Signals $464.1 Our guess is this chops into Oct/Nov before resuming higher. ...

... Axis, Inverted) 8/19/26 Proprietary Information - Please Do Not Redistribute. 4 ANOTHER PRO-DATA CENTER GOVERNOR FLIPS HIS POSITION AS DATA CENTERS BECOME A LIABILITY IN THE 2026 ELECTION 90 100 110 120 130 140 150 160 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jul-26 DTCR Data Center ETF Relative S&P 500 Source: Factset Data Center Real Estate ETF has underperformed the S&P 500 by 15% since the pro-data center governors began enacting regulations & taxes in late June. Gov. ...

... ITS ISSUANCE OF T-BILLS 75 90 105 120 135 150 165 '21 '22 '23 '24 '25 '26 TLT 20+Year Treasury Bond ETF Secretary Yellen raises coupon issuance Secretary Yellen reverses & cuts coupons Fed Minutes discuss ... Sports Betting RSI Rush Street Interactivve DKNG DraftKings State Budget MUB iShares Municipal Bond ETF AGO Assured Guaranty HYD VanEck HY Muni Bond ETF Immigration RELY Remitly 15% 20% 25% 30% 35% 40% 45% 50% 55% 96 98 100 102 104 106 108 110 112 114 116 Oct ...

ETF Research Tuesday, August 18, 2026 Todd Sohn, CMT (646) 292-7958 tsohn@bairdstrategas.com BORING BUT NECESSARY ETF LIST AND THE NEXT WAVE OF GROWTH August has been anything but slow. Here's what we think you should know from the ETF universe: Flows & Leverage. Tech may be on the rebound but there's been an ever-so-slight ... The Korean market has significantly tightened usage of leverage, but we would at least flag this as a September risk. Boring But Necessary ETF List. Away ...

... Each of these themes are currently in Strategas Asset Management's Macro Thematic Opportunities ETF (SAMT). 8/14/26 Proprietary Information - ... is notable given Todd Sohn's recent observation of rising leveraged ETF inflows in a "buy the dip" mentality. These ETFs tend to amplify realized volatility through end-of-day rebalancing, ... 8/14/26 Proprietary Information - Please Do Not Redistribute. 7 VII. ETF Research - Todd Sohn * The ETF ecosystem remains in full motion with ...

Laurent Laskowski Equity Derivatives Strategist LLaskowski@bairdstrategas.com 646-292-7990 Todd Sohn, CMT Chief ETF Strategist TSohn@bairdstrategas.com 646-292-7958 -$2,000 $0 $2,000 $4,000 $6,000 $8,000 $10,000 '84 '86 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 '22 '24 '26 Cumulative Flows, $ Bn Cumulative Fund Flows ETFs vs. Mutual Funds $ Bn ETFs PRESENCE CONTINUES TO GROW 2 Source: Baird Strategas, ICI, as of 6/30/26 The ETF Rule SEC Rule 6c-11 ...

Despite ongoing debate around interest rate hikes and cuts, inflation, and economic growth, capital markets continue to function efficiently and remain broadly accessible. As long as financial conditions stay supportive, the bull market has room to continue. While leverage within the ETF market remains an area to monitor, there is little evidence at this stage that the cycle is nearing its end. Consumer and business spending continues, and debt markets remain willing to ...

The only major curves that are largely below the U.S. curve on a hedged basis are Germany and Australia, the latter which has seen a stronger currency. 2. AI Bonds Index Spread Rising vs IG Index Two weeks ago, in our Weekly Rates and Credit Brief we wrote that hyperscaler spreads, while tight, were widening versus that of the broader IG index. When we broaden the index to one of bonds of companies in AI ETFs we find that the higher risk premium isn't limited to hyperscalers, ...