Strategas Asset Management

Stay in the Know

Todd Sohn

Chief ETF Strategist

What to Make of the ETF Flows Surge?

11/22/2024

▶

❚❚

Strategas ETF expert Todd Sohn guides us through the major uptick in ETF flows, taking a look at key differences between now and the last major peak in late 2021.

Definitions:

The S&P 500 is a stock market index tracking the stock performance of 500 of the largest companies listed on stock exchanges in the United States.

The SPDR S&P 500 ETF Trust (SPY) is an exchange-traded fund that seeks to track the performance of the S&P 500 index, which is a basket of the largest publicly traded companies in the U.S. SPY is the oldest ETF listed on a U.S. exchange and is one of the most popular ETFs in the world.

Cumulative asset flow is the total cash flow over a specific period of time, and it provides a view of a company's financial performance. It's calculated by adding the current period's net cash flow to the previous cumulative cash flow.

An exchange-traded fund (ETF) is a pooled investment security that can be bought and sold like an individual stock.

Equity ETFs invest in a basket of company stocks (also known as equities or shares). They are the most common type of ETFs.

Fund flows represent the cash that goes into or out of companies, financial assets, sectors, or other market categories.

Assets under management (AUM) is the market value of the investments managed by a person or entity on behalf of clients. AUM is used in conjunction with management performance and management experience when evaluating a company.

Sector ETFs focus on groups of companies that are pursuing the same type of business, like energy, health care, utilities, or technology, for example.

The Invesco S&P 500® Equal Weight Health Care ETF (“RSPH”) seeks to track the investment results (before fees and expenses) of the S&P 500® Equal Weight Health Care Index (the "underlying index").

The Invesco S&P 500 Equal Weight ETF (“RSP”) tracks an equal-weighted index of S&P 500 companies.

The Technology Select Sector SPDR® Fund (XLK) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the Technology Select Sector Index (the “Index”) The Index seeks to provide an effective representation of the technology sector of the S&P 500 Index.

The Invesco S&P 500® Equal Weight Technology ETF (“RSPT”) is based on the S&P 500® Equal Weight Information Technology Index (Index).

Thematic ETFs are exchange-traded funds (ETFs) that concentrate on particular industries, trends, or themes like technology, sustainability, or developing markets

This communication was prepared by Strategas (“we,” “us,” or “our”), a brand that offers investment advisory services through Strategas Asset Management, LLC, an SEC Registered Investment Adviser, and provides research to institutional investors through Strategas Securities, LLC, a broker-dealer and FINRA member firm and an SEC Registered Investment Adviser. This communication represents our views as of 11/21/2024, which are subject to change, and presented for illustrative purposes only. The information contained herein has been obtained from sources we believe to be reliable, but no guarantee of accuracy can be made. This communication is provided for informational purposes only and should not be construed as an offer, recommendation, nor solicitation to buy or sell any specific security, strategy, or investment product. This communication does not constitute, nor should it be regarded as, investment research or a research report or securities recommendation and it does not provide information reasonably sufficient upon which to base an investment decision. This is not a complete analysis of every material fact regarding any company, industry, or security. Additional analysis would be required to make an investment decision. This communication is not based on the investment objectives, strategies, goals, financial circumstances, needs or risk tolerance of any particular client and is not presented as suitable to any other particular client. Past performance does not guarantee future results. All investments carry some level of risk, including loss of principal.

Strategas Asset Management, LLC and Strategas Securities, LLC are affiliated with Robert W. Baird & Co. Incorporated ("Baird"), a broker-dealer and FINRA member firm, and an SEC Registered Investment Adviser, although the firms conduct separate and distinct businesses.

The ETFs described herein are referenced solely for illustrative purposes and should not be construed as an investment recommendation. An investment in exchange traded funds involves risk, including the possible loss of principal. For important disclosures and risks relating to each ETF referenced herein, see each respective funds’ prospectus or contact your financial professional

ETF Video - 3 Questions On Our Mind

Mar 11 2026

Miles and Moments – March 2026 – Concentration Risk

Mar 04 2026

Flows Update and Messaging from Credit ETFs

Mar 04 2026

Assessing Market Fallout: Bond Market Implications of the Iran Attacks

Mar 03 2026

ETF Video: Flows Broadening and Updating a Popular Table

Feb 11 2026

Nicholas Bohnsack

Chief Executive Officer

President

nbohnsack@strategasrp.com

Mr. Bohnsack is co-founder of Strategas and serves as the President and Chief Operating Officer of the Firm’s institutional broker-dealer, Strategas Securities. He is responsible for the Firm’s institutional securities businesses with enterprise and strategic responsibility for Macro Research, Sales & Trading, and Capital Markets, and with oversight of the Firm’s Finance, Compliance, Technology, and Operations units. He also serves as the Chief Executive Officer of Strategas Asset Management, the Firm’s affiliated $550 million AUM/A macro-thematic investment management firm, and co-chairs its Investment Policy Committee.
Nicholas co-founded Strategas in 2006. After a decade building the Firm in private partnership, Strategas Securities and Strategas Asset Management were acquired by Baird Financial Group in 2018. In addition to continuing as president of Strategas, now operating independently as wholly-owned Baird subsidiary companies, he is a Managing Director of Baird and a member of that Firm’s Operating Committee. Prior to co-founding Strategas, Mr. Bohnsack was an Investment Strategist and Associate Managing Director with International Strategy & Investment (ISI) Group and began his career in the Investment Banking Group at FactSet and in Restricted Securities at Morgan Stanley.