JEFs ETF Flows Some Interest in Equities, STRATEGY NOTE

Equity Research USA | Equity Strategy August 15, 2026

JEF's ETF Flows—Some Interest in Equities, STRATEGY NOTE

Continued Inflows to QQQ Flows to equities picked up on the week despite being in the midst of the "Dog Tech flows slipped again... Net Flows % of Assets

days of summer". Large Core was main recipient, but continued interest in QQQ. ETF Sector 1 Week 1-Month YTD

Small had an inflow, while Total Market rolls on. Mat'ls interest picked up, while Materials Staples

it weakened to Discretionary, Fin'ls, & Ind'ls. Tech flows were weak again driven Health Care 0.2 2.4 4.6 Real Estate 0.1 0.7 5.7 by outflow from Semis at $1.4B. High Yield was hit with an outflow on the week, Energy -0.1 0.1 14.1

while Aggregate and Inv Grade saw inflows along with the GLD. Info Tech -0.3 0.5 4.1 Industrials -0.4 0.1 16.7 Utilities -0.4 0.3 -0.1 More inflows to the QQQ, a recovery in interest in Equities, but outflows from High Yield Discretionary -0.4 1.8 -4.4 Assets Flows % of Assets Financials -0.7 1.8 0.3 ETF/Category Beg. 2026 Current 1 Wk Since '26 1 Wk Since '26 Comm Serv -0.7 -2.1 -11.1 . US Market 4,737,511.4 5,632,971.0 20,285.7 202,499.1 0.4 4.3 Source: FactSet; Jefferies Large Cap 2,322,842.8 2,779,279.7 13,240.1 140,937.6 0.5 6.1 Large Cap Growth 399,141.5 437, ,734.6 0.0 0.4 ...Driven by outflows from Semis Large Cap Value 277,309.1 329, , -Day Rolling Flow Average +1STD -1STD Midcap 266,310.3 324, , Flows to Semis ETFs 15000 Midcap Growth 48,041.8 52, Midcap Value 42,862.9 49, Small Cap 233,038.5 279, , Small Cap Growth 40,573.9 48, Small Cap Value 51,604.3 61, . QQQ - PowerShares QQQ Trust 410,586.1 496,712.1 4,287.4 12,480.3 0.9 3.0 Source: FactSet; Jefferies ARK Funds 13,790.0 13, ,203.1 -0.9 -8.7 ESG 38,043.8 43, Industrials really lost its luster over the last Total Market 593,366.3 717,408.9 1,535.0 38,813.7 0.2 6.5 month Factor 267,618.1 305, ,011.7 -0.1 0.8 Flows as a % of assets percentile rank Current 1-Mo Ago Dividend 213,177.4 245,508.7 48.9 3, Low Volatility 31,270.0 32, Momentum 23,170.8 27, , Sector 632,649.0 758,506.9 -1,331.1 14, Communication Services 27,283.1 22, ,

Consumer Discretionary 31,217.9 29, Consumer Staples 22,301.8 23, ,270.9 0.5 -5.7 . Source: FactSet; Jefferies Energy 35,472.3 54, , Financials 71,205.8 76,777.2 -1,032.6 1,768.4 -1.3 2.5 Healthcare 60,947.2 66, Industrials 33,938.0 44, , Materials 8,940.4 12, , Real Estate 58,474.6 67,785.7 26.5 2,734.5 0.0 4.7 Technology 235,068.4 306,899.9 -14.6 2,716.2 0.0 1.2 Utilities 31,623.9 32, Biotechnology 16,175.8 20, Fixed Income 530,927.9 570,949.0 1,509.6 53, Aggregate Fixed Income 351,716.0 376,173.6 1,115.6 33,042.3 0.3 9.4 Investment Grade 151,618.0 170, , High Yield 27,593.8 24, ,637.5 -2.0 -9.6 Commodity 408,453.8 353, ,326.5 0.3 -4.2 Gold 252,687.8 245, ,175.3 0.3 -2.8 Silver 45,198.1 36, ,499.1 0.9 -7.7 Steven G. DeSanctis, CFA * | Equity Strategist Cryptocurrency 110,568.0 72, ,652.1 -0.1 -6.0 | Equity 5,637,778.6 6,697,360.1 18,577.4 219,494.8 0.3 3.9 Total 6,577,160.3 7,622,290.3 21,061.8 255,213.8 0.3 3.9 Jane Gibbons * | Equity Associate Note: For most of the categories, the funds in this Table represents the largest 5 ETFs: Data as of August 14, 2026. | Source: FactSet; Jefferies . Gurbax Assie * | Equity Associate |

Gabriel Tishelman, CFA * | Equity Associate |

Please see analyst certifications, important disclosure information, and information regarding the status of non-US analysts on pages 12 - 16 of this report. * Jefferies LLC / Jefferies Research Services, LLC

Equity Strategy Equity Research August 15, 2026

Table 1 - The interest in SPY rebounded with very nice inflow Ticker Name Category Beg. '26 Assets Curr Assets 1Wk Flows From Beg. '26 Flows 1Wk % Flows From Beg. '26 % Flows SPY SPDR S&P500 ETF Large Cap 717,296.5 825,300.5 12,523.5 13,733.2 1.5 1.9 IVV iShares Core S&P 500 ETF Large Cap 766,202.5 906,949.2 -2,174.4 37,211.6 -0.2 4.9 VOO Vanguard S&P 500 ETF Large Cap 839,343.9 1,047,030.0 2,891.0 89, IWF iShares Russell 1000 Growth ETF Large Cap Growth 126,966.7 128,794.8 45.1 -4,872.3 0.0 -3.8 VUG Vanguard Growth ETF Large Cap Growth 205,113.1 230, ,600.0 -0.1 2.7 IVW iShares S&P 500 Growth ETF Large Cap Growth 67,061.6 78, ,006.8…