.../2026 4/6/2026 4/13/2026 4/20/2026 4/27/2026 5/4/2026 5/11/2026 Cumulative Sector ETF Flows Since March 30th S&P 500 Low $MM Tech Materials Industrials Energy Real Estate Comm Discretionary Utilities Staples Healthcare Financials THIS IS SOME CHART... Strategas ETF Research 9 5/22/2026 Tech Cumulative sector flows ex. ... & Macro Research 11 5/22/2026 Excessive Optimism Excessive Pessimism Equity ETF Flows S&P Futures Positioning 10-Day Put/Call Ratio VIX Curve I.I. Bull / Bear ...

... I have always believed that asking a sell-side analyst about what they are doing with their own money would reveal more about what he or she might really believe about the markets than any 40-page, fancy pants PowerPoint presentation. I shorted ETF FXB on the news of Starmer's retrograde approach to economic policy last week. 1.34 1.05 1.25 1.45 '21 '22 '23 '24 '25 '26 GBPUSD Spot Exchange Rate Source: Strategas, Bloomberg 5/21/26 Strategas Securities - Investment Strategy ...

See Appendix for Important Disclosures ETF Research Thursday, May 21, 2026 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com GO ACTIVE ETFs FOR REIT EXPOSURE It's been just about 1,100 trading days since the Vanguard Real Estate ETF (VNQ) last hit a new high... that's a tough spot to be in during a bull market. So, what's the case for Real Estate going forward? Here's how we'd boil it down: * While it's not quite the "office apocalypse" of the early ...

$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% ...