... We won't fight the trend here, but the rest of the world making a new high before the QQQs is a notable shift. Equity ETF Flows S&P ... Excessive post- election optimism. 80 th %-tile WOW... 25 1/9/2026 S&P 500 Monthly Monthly Equity ETF Flows $ Bn 1yr Avg Massive month of inflows to end 2025 for equity ETFs. $100 Bn was rare, reached over ... 2017 2018 2019 2020 2021 2022 2023 2024 2025 Annual Russell 2000 ETF Price Performance Annual ETF Flows ($MM) Annual Small-Cap ETF ...

Positions Shorter Duration Futures OI J.P. Morgan Client Positioning MOVE Index & Bond ETF Volatility Longer Duration Futures OI Tsy Net Issuance & RRF Operations Note/Bond ... NEUTRAL 1/8/26 Please see the Appendix for important disclosures. BOND MARKET VOLATILITY: MOVE INDEX & BOND ETF ATM IMPLIED VOLATILITY Bond volatility remains near multi-year lows, while volatility metrics for major fixed income ETFs show little stress. We keep this long, but note global bond risks ...

... 25) Internals Firm, Cyclicals Lead (Jul 7) The Most Important Chart in the Market (Oct 16) Bond Market Disagrees With Powell (Aug 4) ETF's Bull Case For Healthcare (Oct 2) New Low for Quality Factor; 3 ETF Ideas to Diversify Portfolios (Sep 16) Buckle Up, More Leverage Is Coming (Oct 7) Everyone's Launching an A.I. Product (Sep 30) ETF Q&A From Recent Travels (Oct 21) Policy Trump Tariffs Come In at Worst-Case Scenario (Apr 2) Democrats Sweep Across the Board in First ...

Leadership is emerging from the Transports with both cap-weight (IYT) and equal-weight (XTN) Transportation ETFs coming ... flows to Industrials sector ETFs are elevated and Defense related indices are also trading at an extreme deviation relative to trend. It's also not lost on us that there are now over 20 Defense focused ETFs, many launching over the last ... '17 '18 '19 '20 '21 '22 '23 '24 '25 Industrials Sector ETF Flows Rolling 65-Day Sum, $ MM 65-Day Flows +2 Standard ...

Contribution of 10 Largest Weights During Positive Performance Years Source: Strategas, Bloomberg, 12/31/25 Strategas ETF Research See Appendix for Important Disclosures ETF Research Tuesday, January 6, 2026 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com 1Q '26 KEY CHARTS + ETFs TO CONSIDER After a record year, below is how we'd set the stage for the ETF universe in 2026: * ETF flows were a massive +$230 Bn in December, blowing away any comparison. ...

... Investors will be wise to watch the current dislocation in price discovery between paper-settled commodity markets in New York (Comex) and London (LBMA), the spot market, particularly in the east, and the inventory pressures created by the material increase in physical settlement globally. Will a sovereign-backed wealth fund, corporate operator or global bullion bank make a takeout bid for an ETF backed by physical inventory? It would not shock us. A monetary reset is no ...

... 40% 23% 37% 22% 100% 58% 100% 60% Strategas Asset Allocation SMA Portfolio Exposures Dev AC Core 26% 15% 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% ...

... -10.7% Average 0.2% -2.8% -3.5% -8.6% -9.5% WTI Oil Performance Following Significant Historical Events ENERGY STOCK CHARTS BETTER THAN THE OIL CHART Strategas Technical & Macro Research Proprietary Information - Please Do Not Redistribute 17 1/5/2026 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 Dashboard Current Reading vs. ...

Today's piece focuses on the second of our four major goals - identifying the most important themes we believe will drive returns in 2026. Thematic investing has become increasingly important, in our view, for two reasons: the first is simply due to the widespread proliferation of Exchange Traded Funds (ETFs) since their introduction in the U.S. in 1993. With every passing year, ETF issuers provided a variety of ways for investors to access investments in broad concepts ...

VIX Index Price Action We saw renewed strength in tech/AI related names with the Semiconductor ETF SMH posting +2.7% over the period and NVDA up +5.3%. 12/29/25 Strategas Securities - Equity Derivatives Strategy PROPRIETARY INFORMATION - ... concentrated in metals, particularly in silver, where the SLV ETF posted a series of records on Friday as the metal jumped 9.05% on the session, marking its strongest daily return since October 3, 2022 and sending SLV up 170% for the year. ...