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. ...

... Industrials. 200-day MA is climbing in orderly and stable manner. 2. Heavy inflows into equity market funds ✓ ✓ X Flows to Equity ETFs reflect a tactical chase, but we are also cognizant that NET flows from mutual funds are negative - this is part of a structural movement from one vehicle to another. The ratio of levered to inverse ETF assets remains elevated, though. 3. Big pick-up in M&A activity ✓ ✓ X M&A activity was strong in 2025 but well off the frothy levels ...

... In other words, survey is too bullish given price change... don't want to be below this trend line much longer. 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. Historical Range THE UNDEFEATED RULE OF WALL STREET... ATTITUDES FOLLOW PRICE 8 3/20/2026 10 th Percentile 90 th Percentile 27 th Percentile ...

FLSP - Multi Strategy 0.08 0.05 DBMF - Managed Futures 0.05 -0.06 ETF Correlation to S&P 500 & 60/40 Portfolio Daily Data, Since Russia Invasion of Ukraine (Feb. '22) Strategas ETF Research See Appendix for Important Disclosures ETF Research Thursday, March 19, 2026 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com RECENT QUESTION: ETFs FOR INFLATION & TAIL RISK It's "rebalance season" for the ETF universe, which tends to bring noise to daily flows. ...

... Trust (IAU) Commodities 40% 4% - - Aberdeen Standard All Commodity ETF (BCI) 100% 10% - - * Strategas leverages an undefined 10% benchmark allocation to "Alternative" assets. ... 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% ...

Percentile -$20,000 -$10,000 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 Equity ETF Flows Weekly Sum ($MM) Equity ETF Flows Weekly Sum ($MM) Since Start of 2025 NOTED... 9 3/13/2026 Strategas Technical & Macro Research Last week was the rare week of net outflows for the total equity ETF space. ... Above 50-Day MA 9% FLIGHT FROM FINANCIALS 18 3/13/2026 Financials Sector ETF Flows Rolling 20-Day Sum, $ Bn Financials Sector ETF Flows Rolling 6-Month Sum, ...

Long Neutral Short Asset Manager/ Lev Funds Net Positions FFR Futures Vol + OI Options on Tsy Futures Vol MOVE Index & Bond ETF Volatility Shorter Duration Futures OI Options on Tsy Futures ... NEUTRAL 3/12/26 Please see the Appendix for important disclosures. BOND MARKET VOLATILITY: MOVE INDEX & BOND ETF ATM IMPLIED VOLATILITY Bond volatility has popped amid the war with Iran, but volatility on major ETFs remain around the midpoint of recent years. We hold this as long, but are ...

See Appendix for Important Disclosures ETF Research Thursday, March 12, 2026 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com FIGHT OR FLIGHT FOR FINANCIALS A quick scan of a 3-month z-score list reveals a host of important and economically sensitive ETF areas on the oversold side: Banks, Private Asset Managers, Insurance, Homebuilders, and the MAG7. Flows reflect a similar backdrop with outflows accelerating from Financial sector ETFs over the last ...

See Appendix for Important Disclosures ETF Research Tuesday, March 10, 2026 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com 3 QUESTIONS FOLLOWING A WEEK OF EQUITY ETF OUTFLOWS Below are 3 questions on our minds from the ETF universe: 1) Is there a flows slowdown on the horizon? Equity ETFs posted their first weekly outflow since April 2025 last week. We suspect the answer lies in the volatility of geopolitical events, but tracking 3-month flows ...

The Nasdaq 100, for example, was (only) down -1.27%, and the tape felt flipped, with winners becoming losers and vice versa. For example, the semiconductor ETF (SMH) was down -6.35% versus the software ETF (IGV) up +7.85%. The Dollar Index (DXY) finished the week ... land. Friday saw record options volumes in the oil ETF (USO), with calls outpacing puts (526k calls vs. 374k puts) and 1M vol exceeded 100, a level last seen in April 2020, when front WTI futures traded negative. ...