News Summary

• iShares Expanded Tech-Software ETF (IGV) closed September 3 at $106.81, up about 40% from its April low near $74.
• State Street’s XSW software ETF hit an all-time high in late August.
• Jefferies told clients over the Labor Day weekend that they expect the momentum to run into September.
• The winners: consumption and security, up 54% to 83%.
• The losers: seat-priced platforms, all down more than 33%.