-$5,000 $0 $5,000 $10,000 $15,000 Discretionary Communications Financials Utilities Staples Healthcare Real Estate Tech Materials Industrials Energy Sector ETF Flows ($MM) YTD '26 10/29 Tech Peak Strategas ETF Research See Appendix for Important Disclosures ETF Research Thursday, April 2, 2026 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com PRIVATE EQUITY RUSH IN ETFs IS ON; CONSUMER CHARTS OF NOTE We interrupt our normal Thursday sector schedule ...

... 40% 24% 37% 22% 100% 60% 100% 60% Strategas Asset Allocation SMA Portfolio Exposures Dev AC Core 26% 16% 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 14% 8% 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% ...

... Global alliances are shifting. 10% 5% 6% 7% 8% 9% 10% 11% 1/9 1/20 1/31 2/11 2/22 3/5 3/16 3/27 Betting Odds: Will NATO Dissolve This Year? (Polymarket) 80 100 120 140 160 180 200 Jan '21 Jul '21 Jan '22 Jul '22 Jan '23 Jul '23 Jan '24 Jul '24 Jan '25 Jul '25 Jan '26 European Defense Stocks Relative to US Defense Stocks Constituents are the top 15 constituents in the WisdomTree Europe Defense Fund (WDEF) and iShares US Aerospace & Defense ETF (ITA), ran equally-weighted Trump ...

Semis Banks E.M. Nuclear REITs Regional Banks Private Asset Mgrs Japan TSY Bonds Silver Gold Equal Weight R1000 Global Miners Low Vol S. Korea Utilities Energy Oil ETF 3-Month Z-Score Strategas ETF Research See Appendix for Important Disclosures ETF Research Tuesday, March 31, 2026 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com KEY CHARTS + ETFs TO CONSIDER: 2Q '26 With the start of a new quarter, we highlight a handful of ETFs to consider ...

... STILL WOULD LIKE TO SEE SOME MORE STRESS FROM PUT/CALLS Strategas Technical & Macro Research Proprietary Information - Please Do Not Redistribute 5 3/30/2026 S&P 500 50 & 200-Day MA Daily Put/Call Ratio 10-Day Average 95 th Percentile 95 th Percentile Still would prefer to see put/calls express some more stress... not the case yet. 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 ...

... Given current events, earnings expectations will be key as companies start to report 1Q results in a few weeks. Sentiment Our composite of sentiment inputs has a median reading in the bottom quartile now. Investor surveys are cooling, the VIX curve is inverted, and recent ETF flows are exhibiting hesitance with acceleration of volatility. Technical Picture Despite pressure at the index level, 63% of the S&P remains in an uptrend, signaling broad participation. Oversold ...

... Below the regression line implies attitudes are still too optimistic. Equity ETF Flows S&P Futures Positioning 10-Day ... WE'VE BEEN VERY BULLISH ENERGY, BUT MINDFUL OF THE FLOWS 24 3/26/2026 Energy Sector ETF Flows Rolling 65-Day Sum, $ Bn ... HEALTHCARE FLOWS HAVE NORMALIZED 25 3/26/2026 Healthcare Sector ETF Flows Rolling 65-Day Sum, $ Bn Strategas Technical & ... Relative Defensives Cyclicals Minus Defensive Sector ETF Flows Rolling 65-Day Sum, $ Bn Strategas Technical & Macro ...

Skew remains steep historically, but call vol is coming in quicker than put vol. 03/18/26 Strategas Securities - Equity Derivatives Strategy PROPRIETARY INFORMATION - PLEASE DO NOT REDISTRIBUTE 2 Both implied volatility and skew remain elevated by historical standards but what has remained constant is low realized volatility as dispersion strategies continue to work. Movement under the surface continues to be at the single stock level, and close to close index and ETF ...

10% 20% 30% 40% 50% 60% 70% 80% 90% 100% '20 '21 '22 '23 '24 '25 '26 Equity ETF Flows Percentile 1-Year Lookback Strategas ETF Research See Appendix for Important Disclosures ETF Research Tuesday, March 24, 2026 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com SECTOR FLOWS REFLECT TUG OF WAR Flows to know from the ETF universe: 1) As 1Q rebalancing heads to a conclusion, trailing 3-month equity ETF flows are slowly coming out of their top quintile. ...

The Mag 7 were particularly weak and the MAGS ETF finished the week down -2.6%. The tape was choppy, with muted ... For example, after the SPY (S&P 500 ETF) fell $13.72 (-2.07%), the 1-month 25-delta put (SPY Apr 630P) only rose from ... The silver ETF SLV is now down about -4.5% YTD after peaking roughly +64% at the end of January. Gold fell about -10.5%, its worst weekly drop since March 1983, and GLD posted its worst week since the ETF's November 2004 inception. ...