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Liquid, low-cost funds across issuers, ranked by our desk's current call, with every key number and the full thesis one click away. Switch views to compare cost, size and liquidity, or returns and risk, side by side.
Numbers as of 09-14-2026 · theses 09-14-2026 · unleveraged funds only · one cheap share class per exposure
68Funds
13Issuers
$9.8TCombined assets
13Entry view today
Thesis viewCost & sizePerformanceAllEntry viewWatch viewBelow gradeEvery groupIndexSectorInternationalBondHedgeCryptoCashResearch calls, not advice
| SURYAI Rank# | Fund | Thesis | Our research callCall | Group | Issuer | ExpenseExp | AssetsAUM | Avg volumeVol | Spread bpsSpr | YieldYld | Top 10 weightTop10 | 1 month1M | 3 month3M | 6 month6M | 12 month12M | RS 3MRS | Trend | VolatilityVol% | 1 yr drawdownDD | ResearchThesis |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | VOO Vanguard S&P 500 ETF core equity | Cheapest S&P 500 core fund, same risk-on tailwinds as SPY with lower expense ratio and equal trend strength. | Entry view | Index | Vanguard | 0.03% | $1.76T | 7.6M | 0.4 | 1.04% | 38% | -2.2% | +2.8% | +15.5% | +17.0% | -0.0% | Above 200d | 12.8% | -8.9% | Read Entire ThesisRead → |
| 2 | IVV iShares Core S&P 500 ETF core equity | Near-identical low-cost S&P 500 fund benefiting from the same risk-on trend and tech overweight as SPY and VOO. | Entry view | Index | iShares | 0.03% | $884.0B | 7.1M | 1.4 | 1.06% | 38% | -2.2% | +2.9% | +15.5% | +17.1% | +0.0% | Above 200d | 12.8% | -8.9% | Read Entire ThesisRead → |
| 3 | SPY State Street SPDR S&P 500 ETF Trust core equity | Broad market core holding riding a confirmed risk-on trend with low volatility and a strong 12m return. | Entry view | Index | State Street Investment Management | 0.09% | $811.9B | 47.0M | 0.8 | 0.98% | 38% | -2.2% | +2.8% | +15.5% | +17.0% | +0.0% | Above 200d | 12.8% | -8.9% | Read Entire ThesisRead → |
| 4 | VTI Vanguard Morningstar Total Stock Market ETF core equity | Total market core fund with strong trend and lowest drawdown, slightly diluted tech weighting versus SPY. | Entry view | Index | Vanguard | 0.03% | $2.34T | 3.1M | 2.7 | 1.03% | 33% | -2.5% | +2.6% | +15.6% | +16.7% | -0.3% | Above 200d | 13.0% | -8.9% | Read Entire ThesisRead → |
| 5 | VUG Vanguard Morningstar Growth ETF growth equity core | Heavy growth and tech concentration directly matches risk-on overweight calls in tech and discretionary sectors. | Entry view | Index | Vanguard | 0.03% | $384.5B | 6.7M | 23.9 | 0.38% | 64% | -2.2% | +3.0% | +17.1% | +12.5% | +0.1% | Above 200d | 17.8% | -16.5% | Read Entire ThesisRead → |
| 6 | XLK State Street Technology Select Sector SPDR ETF sector cyclical tilt | Pure technology sector bet matches the overweight call, with strong 6m and 12m returns despite a recent pullback. | Entry view | Sector | State Street Investment Management | 0.08% | $121.4B | 8.6M | n/a | 0.43% | 61% | -3.4% | -0.2% | +35.0% | +36.7% | -2.9% | Above 200d | 26.3% | -15.9% | Read Entire ThesisRead → |
| 7 | XLF State Street Financial Select Sector SPDR ETF cyclical financials tilt | Financials overweight call is confirmed by strong 3m RS vs SPY and steady 6m return, a good fit for the risk-on regime. | Entry view | Sector | State Street Investment Management | 0.08% | $54.6B | 31.7M | 3.5 | 1.40% | 56% | -2.1% | +7.3% | +17.7% | +7.2% | +4.3% | Above 200d | 14.5% | -14.8% | Read Entire ThesisRead → |
| 8 | XOP State Street SPDR S&P Oil & Gas Exploration & Production ETF cyclical tilt | Energy is leading in sector rotation with strong RS, solid 1m and 3m gains, and the fund is above its 200-day trend. | Entry view | Sector | State Street Investment Management | 0.35% | $4.0B | 3.2M | 1.0 | 1.72% | 30% | +8.0% | +17.6% | +16.3% | +50.7% | +14.3% | Above 200d | 28.9% | -18.5% | Read Entire ThesisRead → |
| 9 | EWJ iShares MSCI Japan ETF international relative strength tilt | Japan ETF showing positive relative strength vs SPY, strong multi-timeframe returns, and an intact uptrend, a rare pocket of international outperformance. | Entry view | International | iShares | 0.49% | $22.7B | 4.4M | 87.5 | 3.72% | 30% | -0.9% | +5.8% | +17.7% | +25.2% | +2.9% | Above 200d | 21.0% | -13.6% | Read Entire ThesisRead → |
| 10 | XLC State Street Communication Services Select Sector SPDR ETF core equity | Communication services is overweight in the macro model and leading on relative strength, a strong risk-on match despite being below trend. | Entry view | Sector | State Street Investment Management | 0.08% | $22.4B | 5.9M | 103.7 | 1.28% | 69% | +2.2% | +3.3% | +1.1% | +0.1% | +0.5% | Above 200d | 15.3% | -11.7% | Read Entire ThesisRead → |
| 11 | IGV iShares Expanded Tech-Software Sector ETF core equity | Software is in the tech overweight, showing strong RS and 3m/6m gains, holding above its 200-day trend. | Entry view | Sector | iShares | 0.38% | $15.7B | 13.7M | 54.3 | 0.02% | 64% | +0.3% | +17.6% | +26.7% | -5.1% | +14.3% | Above 200d | 31.8% | -36.6% | Read Entire ThesisRead → |
| 12 | DBC Invesco DB Commodity Index Tracking Fund cyclical commodity tilt | Broad commodities are trending strongly above the 200-day with positive relative strength, benefiting from the energy leadership tilt. | Entry view | Hedge | Invesco | 0.85% | $1.8B | 932K | 9.1 | 2.38% | 58% | +11.3% | +16.1% | +15.5% | +54.2% | +12.9% | Above 200d | 20.5% | -16.5% | Read Entire ThesisRead → |
| 13 | XLE State Street Energy Select Sector SPDR ETF cyclical tilt | Energy is leading on relative strength with strong momentum and above trend, though sector stance is only neutral. | Entry view | Sector | State Street Investment Management | 0.08% | $41.4B | 29.4M | 0.0 | 2.37% | 73% | +5.7% | +12.9% | +13.4% | +49.3% | +9.8% | Above 200d | 21.6% | -15.0% | Read Entire ThesisRead → |
| 14 | HYG iShares iBoxx $ High Yield Corporate Bond ETF credit income | High yield bonds above trend with solid 12m gains, benefiting from tight credit spreads but lower beta limits risk-on torque. | Watch view | Bond | iShares | 0.49% | $16.2B | 31.9M | 8.9 | 5.88% | 1% | -1.0% | -0.3% | +2.2% | +2.8% | -3.0% | Above 200d | 3.8% | -2.3% | Read Entire ThesisRead → |
| 15 | QQQ Invesco QQQ Trust growth tech tilt | Tech-heavy fund with strongest 12m return but weak recent relative strength and rising volatility, wait for confirmation. | Watch view | Index | Invesco | 0.18% | $489.0B | 38.0M | 3.5 | 0.42% | 46% | -3.1% | -1.6% | +19.7% | +22.0% | -4.3% | Above 200d | 19.6% | -12.0% | Read Entire ThesisRead → |
| 16 | SCHD Schwab U.S. Dividend Equity ETF core equity income | Solid low-vol dividend fund but sits in underweight/lagging staples-like sectors during a risk-on tape favoring growth. | Watch view | Index | Schwab ETFs | 0.06% | $112.3B | 22.3M | 0.0 | 3.00% | 42% | -0.3% | +5.5% | +13.3% | +28.4% | +2.5% | Above 200d | 11.1% | -4.6% | Read Entire ThesisRead → |
| 17 | SMH VanEck Semiconductor ETF cyclical tilt | Huge 12m gains but sharp 1m/3m pullback and negative RS trend, wait for stabilization before re-entry. | Watch view | Sector | VanEck | 0.35% | $67.8B | 10.0M | 540.9 | 0.20% | 72% | -8.1% | -12.7% | +39.8% | +78.7% | -15.1% | Above 200d | 39.7% | -24.6% | Read Entire ThesisRead → |
| 18 | IBIT iShares Bitcoin Trust ETF speculative sleeve | Strong 1m/3m momentum and positive RS vs SPY, but steep 12m drawdown and high volatility argue for a confirmed entry, not a chase. | Watch view | Crypto | iShares | 0.25% | $61.4B | 47.0M | 5.4 | 0.00% | n/a | +24.7% | +24.1% | +10.8% | -31.2% | +20.7% | Above 200d | 45.2% | -53.3% | Read Entire ThesisRead → |
| 19 | XLV State Street Health Care Select Sector SPDR ETF defensive sector diversifier | Healthcare shows strong RS vs SPY and low beta appeal, but sector rating is only neutral in current rotation model. | Watch view | Sector | State Street Investment Management | 0.08% | $43.9B | 9.4M | 1.2 | 1.49% | 60% | -0.4% | +9.5% | +12.9% | +22.2% | +6.5% | Above 200d | 16.2% | -10.5% | Read Entire ThesisRead → |
| 20 | SHY iShares 1-3 Year Treasury Bond ETF cash management | Stable short-duration cash-like fund, positive returns but not aligned with the current risk-on push into equities. | Watch view | Bond | iShares | 0.15% | $25.9B | 3.6M | 1.2 | 3.63% | n/a | -0.5% | +0.0% | +0.3% | +1.7% | -2.8% | Above 200d | 1.3% | -0.9% | Read Entire ThesisRead → |
| 21 | FBTC Fidelity Wise Origin Bitcoin Fund speculative sleeve | Nearly identical profile to IBIT with strong short term momentum but large trailing drawdown, tight spread makes it a viable alternative. | Watch view | Crypto | Fidelity Investments | 0.25% | $13.9B | 3.9M | 1.5 | 0.00% | n/a | +24.7% | +24.1% | +10.8% | -31.2% | +20.7% | Above 200d | 45.1% | -53.4% | Read Entire ThesisRead → |
| 22 | VTV Vanguard Morningstar Value ETF value tilt | Value exposure with financials tilt aligns with overweight call but weak momentum and thin RS vs SPY limit near-term appeal. | Watch view | Index | Vanguard | 0.03% | $262.3B | 2.8M | 39.1 | 1.82% | 22% | -1.8% | +3.2% | +14.2% | +22.3% | +0.3% | Above 200d | 10.2% | -6.4% | Read Entire ThesisRead → |
| 23 | VWO Vanguard FTSE Emerging Markets Index Fund ETF Shares low-cost EM core exposure | Lower-cost, lower-volatility emerging markets alternative to EEM, still lagging SPY on 3m relative strength. | Watch view | International | Vanguard | 0.06% | $168.4B | 7.5M | 60.6 | 2.29% | 26% | -1.2% | +0.2% | +10.5% | +14.2% | -2.5% | Above 200d | 17.6% | -11.2% | Read Entire ThesisRead → |
| 24 | QUAL iShares MSCI USA Quality Factor ETF quality factor core | Quality mega-cap exposure is solid but negative 3m RS vs SPY and soft short-term returns suggest waiting for confirmation. | Watch view | Index | iShares | 0.15% | $47.7B | 1.1M | 0.9 | 0.85% | 44% | -3.1% | +1.7% | +13.2% | +16.0% | -1.1% | Above 200d | 12.1% | -9.0% | Read Entire ThesisRead → |
| 25 | EEM iShares MSCI Emerging Markets ETF cyclical/EM growth tilt | Strong 12m and 6m emerging market returns but still lagging SPY on relative strength and carrying high volatility and concentration. | Watch view | International | iShares | 0.72% | $31.2B | 22.4M | 12.1 | 1.66% | 37% | -1.0% | -2.3% | +16.8% | +28.7% | -5.0% | Above 200d | 25.1% | -14.2% | Read Entire ThesisRead → |
| 26 | GDX VanEck Gold Miners ETF speculative sleeve | Gold miners show strong recent momentum and positive relative strength but sit against a weakening gold trend, warranting caution. | Watch view | Hedge | VanEck | 0.51% | $30.5B | 23.0M | 14.9 | 0.64% | 58% | +6.7% | +17.6% | +0.9% | +35.9% | +14.4% | Above 200d | 51.0% | -38.9% | Read Entire ThesisRead → |
| 27 | XBI State Street SPDR S&P Biotech ETF sector satellite | Strong RS and steady uptrend but healthcare is only neutral in the current sector tilt, not a top overweight. | Watch view | Sector | State Street Investment Management | 0.35% | $11.4B | 8.8M | 1.9 | 0.35% | 16% | +0.5% | +17.9% | +29.5% | +65.4% | +14.7% | Above 200d | 27.9% | -10.5% | Read Entire ThesisRead → |
| 28 | ARKB ARK 21Shares Bitcoin ETF speculative sleeve | Nearly identical to BITB but with a much tighter 3.8 bps spread, making it the better vehicle if bitcoin exposure is desired. | Watch view | Crypto | 21Shares US LLC | 0.21% | $2.7B | 1.7M | 3.8 | 0.00% | n/a | +24.7% | +24.2% | +10.9% | -31.2% | +20.8% | Above 200d | 45.1% | -53.3% | Read Entire ThesisRead → |
| 29 | USO United States Oil Fund, LP speculative sleeve | Oil is up massively (107% over 12 months) and above its 200-day, but extreme volatility and beta 2.15 argue for a disciplined entry. | Watch view | Hedge | USCF Investments | 0.86% | $1.9B | 5.8M | 43.5 | 0.00% | n/a | +25.3% | +24.9% | +30.7% | +114.6% | +21.4% | Above 200d | 48.8% | -32.5% | Read Entire ThesisRead → |
| 30 | VEA Vanguard FTSE Developed Markets Index Fund ETF Shares core international equity, low-cost core | Cheaper, larger developed-market fund than EFA but still lagging SPY on relative strength despite a strong uptrend. | Watch view | International | Vanguard | 0.03% | $323.8B | 10.6M | 1.4 | 2.49% | 13% | -2.5% | +0.8% | +13.2% | +22.9% | -2.0% | Above 200d | 17.4% | -11.6% | Read Entire ThesisRead → |
| 31 | RSP Invesco S&P 500 Equal Weight ETF diversified equity tilt | Equal weight fund lags cap-weighted peers on returns and relative strength, defensive posture not ideal for risk-on tilt. | Watch view | Index | Invesco | 0.20% | $100.9B | 7.8M | 0.5 | 1.46% | 3% | -3.5% | +2.0% | +12.0% | +14.8% | -0.8% | Above 200d | 11.6% | -7.9% | Read Entire ThesisRead → |
| 32 | EFA iShares MSCI EAFE ETF core international equity | Developed market international exposure holding its 200-day trend but lagging SPY over 3 months in a risk-on US-led tape. | Watch view | International | iShares | 0.32% | $79.3B | 10.8M | 94.3 | 3.14% | 14% | -2.6% | +2.4% | +11.7% | +17.3% | -0.5% | Above 200d | 15.7% | -11.4% | Read Entire ThesisRead → |
| 33 | XLY State Street Consumer Discretionary Select Sector SPDR ETF cyclical tilt | Overweight sector by macro model but price is below trend, negative returns and lagging RS argue for waiting. | Watch view | Sector | State Street Investment Management | 0.08% | $22.7B | 7.1M | 25.7 | 0.77% | 69% | -4.7% | -3.0% | +2.2% | -4.2% | -5.7% | Below 200d | 19.4% | -15.0% | Read Entire ThesisRead → |
| 34 | XLB State Street Materials Select Sector SPDR ETF cyclical tilt | Materials are neutral in the macro model but lagging on RS, decent 12m return keeps it on watch not buy. | Watch view | Sector | State Street Investment Management | 0.08% | $8.8B | 11.3M | 47.4 | 1.61% | 59% | -3.5% | -2.9% | +3.5% | +11.0% | -5.6% | Above 200d | 17.8% | -12.4% | Read Entire ThesisRead → |
| 35 | ETHA iShares Ethereum Trust ETF speculative sleeve | Explosive momentum with 3m return of over 50% and leading RS vs SPY, but extreme volatility and huge drawdown demand caution. | Watch view | Crypto | iShares | 0.25% | $8.6B | 35.1M | 20.7 | 0.00% | n/a | +34.7% | +52.5% | +20.6% | -42.8% | +48.3% | Above 200d | 64.7% | -67.2% | Read Entire ThesisRead → |
| 36 | ARKK ARK Innovation ETF speculative sleeve | Positive momentum and above 200-day trend, but very high beta and concentrated speculative holdings warrant caution. | Watch view | Sector | ARK ETF Trust | 0.75% | $6.4B | 5.3M | 29.4 | 0.00% | 51% | +2.6% | +12.0% | +20.6% | +8.2% | +8.9% | Above 200d | 37.8% | -31.4% | Read Entire ThesisRead → |
| 37 | BITB Bitwise Bitcoin ETF speculative sleeve | Bitcoin ETF with strong 1-3m momentum and tight spread, but deep 12m drawdown and high volatility argue for a confirmed entry. | Watch view | Crypto | Bitwise Investments | 0.20% | $3.0B | 1.3M | 53.7 | 0.00% | n/a | +24.6% | +24.2% | +10.8% | -31.2% | +20.7% | Above 200d | 45.1% | -53.3% | Read Entire ThesisRead → |
| 38 | BITQ Bitwise Crypto Industry Innovators ETF speculative sleeve (crypto equities) | Strong 6m and 12m returns and a leading YTD gain, but negative 3m RS vs SPY and huge volatility argue for waiting on a cleaner entry. | Watch view | Crypto | Bitwise Investments | 0.85% | $439M | 101K | 1670.6 | 0.00% | 64% | +14.1% | -2.6% | +27.5% | +17.6% | -5.3% | Above 200d | 60.2% | -45.0% | Read Entire ThesisRead → |
| 39 | FETH Fidelity Ethereum Fund speculative sleeve | Ethereum ETF with explosive 3m return of 52.5% and strong relative strength, but 64% volatility and a 67% drawdown history are severe. | Watch view | Crypto | Fidelity Investments | 0.25% | $1.4B | 1.9M | 4.0 | 0.00% | n/a | +34.6% | +52.5% | +20.7% | -42.8% | +48.3% | Above 200d | 64.4% | -67.1% | Read Entire ThesisRead → |
| 40 | FXI iShares China Large-Cap ETF speculative China sleeve | China large-cap fund in a confirmed downtrend with negative returns across almost every window and the worst relative strength of the group. | Below grade | International | iShares | 0.73% | $4.2B | 21.3M | 14.3 | 1.92% | 58% | -0.1% | -0.5% | -3.1% | -12.9% | -3.3% | Below 200d | 19.6% | -22.9% | Read Entire ThesisRead → |
| 41 | TLT iShares 20+ Year Treasury Bond ETF rate hedge / defensive ballast | Long-duration Treasury fund in a clear downtrend with negative returns across all windows, the opposite trade of a risk-on regime. | Below grade | Bond | iShares | 0.15% | $47.0B | 28.7M | 6.0 | 4.73% | n/a | -1.6% | -4.5% | -4.3% | -6.3% | -7.2% | Below 200d | 9.1% | -8.7% | Read Entire ThesisRead → |
| 42 | IEF iShares 7-10 Year Treasury Bond ETF rate hedge | Treasury duration fund losing to stocks and cash in a risk-on tape with negative trend and 12m return. | Below grade | Bond | iShares | 0.15% | $41.8B | 6.7M | 2.1 | 3.97% | n/a | -2.2% | -2.5% | -2.9% | -2.8% | -5.2% | Below 200d | 4.6% | -5.0% | Read Entire ThesisRead → |
| 43 | XHB State Street SPDR S&P Homebuilders ETF cyclical tilt | Below 200-day trend, negative returns across 1m, 3m, 6m and 12m, no macro tailwind support for homebuilders. | Below grade | Sector | State Street Investment Management | 0.35% | $1.3B | 2.3M | 92.2 | 0.77% | 40% | -10.3% | -8.5% | -1.8% | -16.6% | -11.1% | Below 200d | 27.8% | -21.6% | Read Entire ThesisRead → |
| 44 | BND Vanguard Total Bond Market Index Fund ETF Shares core fixed income | Broad bond market fund below its 200-day average with negative trailing returns, out of favor in a risk-on regime. | Below grade | Bond | Vanguard | 0.03% | $398.8B | 8.0M | 2.8 | 4.04% | n/a | -1.5% | -1.8% | -1.2% | -0.8% | -4.5% | Below 200d | 3.7% | -3.1% | Read Entire ThesisRead → |
| 45 | AGG iShares Core U.S. Aggregate Bond ETF core fixed income | Near-identical profile to BND, below trend with negative returns, not suited to a risk-on tape favoring equities. | Below grade | Bond | iShares | 0.03% | $138.3B | 8.4M | 6.3 | 4.05% | 3% | -1.5% | -1.9% | -1.4% | -0.8% | -4.6% | Below 200d | 3.7% | -3.2% | Read Entire ThesisRead → |
| 46 | SLV iShares Silver Trust speculative sleeve | Silver is deeply lagging, down 24% over 6 months with 62.5% volatility and a 52% drawdown, too risky and out of favor now. | Below grade | Hedge | iShares | 0.50% | $34.7B | 17.2M | 3.5 | 0.00% | n/a | -2.3% | -7.3% | -21.8% | +50.4% | -9.8% | Below 200d | 62.5% | -52.3% | Read Entire ThesisRead → |
| 47 | LQD iShares iBoxx $ Investment Grade Corporate Bond ETF corporate credit exposure | Investment grade corporates below trend with the worst 3m return of the group and elevated beta, unattractive despite risk-on credit backdrop. | Below grade | Bond | iShares | 0.14% | $32.0B | 28.6M | 142.2 | 4.67% | 1% | -1.7% | -3.2% | -1.2% | -2.7% | -5.8% | Below 200d | 5.2% | -4.1% | Read Entire ThesisRead → |
| 48 | MTUM iShares MSCI USA Momentum Factor ETF speculative sleeve | Momentum factor is breaking down with negative RS vs SPY and steep recent losses despite risk-on backdrop. | Below grade | Index | iShares | 0.15% | $24.2B | 1.5M | 1.0 | 0.62% | 35% | -5.2% | -7.5% | +23.4% | +18.9% | -10.1% | Above 200d | 26.4% | -18.0% | Read Entire ThesisRead → |
| 49 | XLP State Street Consumer Staples Select Sector SPDR ETF defensive ballast | Staples are underweight in this risk-on regime, with lagging RS and weak short-term returns despite being above trend. | Below grade | Sector | State Street Investment Management | 0.08% | $14.5B | 10.7M | 39.2 | 2.59% | 62% | -1.8% | -0.9% | +0.9% | +7.7% | -3.7% | Above 200d | 14.4% | -9.7% | Read Entire ThesisRead → |
| 50 | INDA iShares MSCI India ETF speculative EM growth sleeve | India ETF in a downtrend with negative 12m returns and weak relative strength, offering no clear edge in the current regime. | Below grade | International | iShares | 0.61% | $6.7B | 5.3M | 20.6 | 0.00% | 36% | -3.1% | +0.2% | +0.8% | -9.0% | -2.6% | Below 200d | 15.2% | -17.9% | Read Entire ThesisRead → |
| 51 | GLD SPDR Gold Shares inflation hedge | Gold is below its 200-day, down 14.6% over 6 months, and lagging SPY, offering little in a risk-on tape. | Below grade | Hedge | State Street Investment Management | 0.40% | $152.9B | 9.1M | 7.6 | 0.00% | n/a | -1.5% | +1.6% | -14.8% | +17.4% | -1.2% | Below 200d | 29.3% | -26.4% | Read Entire ThesisRead → |
| 52 | VNQ Vanguard Real Estate Index Fund ETF Shares income and diversifier | Real estate is lagging and underweighted in this risk-on regime, with negative 1m/3m returns and weak relative strength. | Below grade | Hedge | Vanguard | 0.13% | $70.8B | 3.2M | 26.5 | 3.60% | 55% | -4.3% | -3.4% | +4.4% | +5.1% | -6.1% | Above 200d | 13.5% | -8.3% | Read Entire ThesisRead → |
| 53 | IAU iShares Gold Trust inflation hedge | Same story as GLD, cheaper wrapper but still below 200-day and lagging equities in a risk-on backdrop. | Below grade | Hedge | iShares | 0.25% | $67.5B | 5.7M | 85.3 | 0.00% | n/a | -1.5% | +1.7% | -14.7% | +17.5% | -1.1% | Below 200d | 29.1% | -26.4% | Read Entire ThesisRead → |
| 54 | BIL State Street SPDR Bloomberg 1-3 Month T-Bill ETF cash equivalent | T-bill cash proxy makes sense only defensively; risk-on regime rewards equity/commodity exposure over parking cash. | Below grade | Cash | State Street Investment Management | 0.14% | $46.8B | 9.5M | 1.1 | 3.76% | n/a | +0.3% | +0.9% | +1.8% | +3.7% | -1.9% | Above 200d | 0.2% | -0.0% | Read Entire ThesisRead → |
| 55 | MUB iShares National Muni Bond ETF tax-advantaged income | Municipal bonds below trend with the weakest 1m return in the group, no near-term case in a risk-on equity-led regime. | Below grade | Bond | iShares | 0.05% | $45.4B | 4.9M | 33.9 | 3.25% | n/a | -2.6% | -2.9% | -2.3% | -0.0% | -5.6% | Below 200d | 3.0% | -4.0% | Read Entire ThesisRead → |
| 56 | XLU State Street Utilities Select Sector SPDR ETF rate hedge | Utilities are underweight, below trend, and lagging RS with the weakest 6m return in the group, a clear headwind fit. | Below grade | Sector | State Street Investment Management | 0.08% | $21.8B | 20.0M | 12.0 | 2.83% | 59% | -5.0% | -5.5% | -9.8% | +1.1% | -8.1% | Below 200d | 15.2% | -11.2% | Read Entire ThesisRead → |
| 57 | TIP iShares TIPS Bond ETF inflation hedge | TIPS below trend with negative trailing returns across most periods, offering little edge in a risk-on, low credit stress regime. | Below grade | Bond | iShares | 0.18% | $15.0B | 1.8M | 5.7 | 4.98% | n/a | -1.2% | -1.8% | -1.1% | -1.0% | -4.5% | Below 200d | 3.3% | -2.3% | Read Entire ThesisRead → |
| 58 | ITA iShares U.S. Aerospace & Defense ETF cyclical tilt | Below 200-day average with sharp 1m drop and negative RS, industrials only neutral in current tilt. | Below grade | Sector | iShares | 0.37% | $13.6B | 659K | 7.8 | 0.47% | 78% | -13.2% | -7.2% | -5.3% | +8.9% | -9.8% | Below 200d | 23.2% | -15.8% | Read Entire ThesisRead → |
| 59 | UUP Invesco DB US Dollar Index Bullish Fund rate/currency hedge | Dollar bull fund has weak returns and negative relative strength, offering little in a risk-on tape that favors growth assets. | Below grade | Hedge | Invesco | 0.75% | $299M | 1.8M | 3.6 | 3.30% | 49% | -0.0% | +0.8% | +1.0% | +6.5% | -2.0% | Above 200d | 5.6% | -3.6% | Read Entire ThesisRead → |
| 60 | KRE State Street SPDR S&P Regional Banking ETF cyclical tilt | Financials are only neutral in rotation, and KRE shows weak 1m and negative RS with muted 3m returns. | Below grade | Sector | State Street Investment Management | 0.35% | $4.0B | 12.9M | 8.1 | 2.17% | 14% | -4.7% | +1.5% | +18.8% | +16.4% | -1.3% | Above 200d | 22.1% | -15.0% | Read Entire ThesisRead → |
| 61 | IWM iShares Russell 2000 ETF cyclical tilt | Small caps show weak 1m and 3m returns with negative relative strength, poor fit despite risk-on backdrop. | Below grade | Index | iShares | 0.19% | $80.5B | 21.1M | 1.0 | 0.90% | 3% | -5.1% | -1.5% | +17.2% | +20.8% | -4.2% | Above 200d | 18.8% | -11.0% | Read Entire ThesisRead → |
| 62 | XLI State Street Industrial Select Sector SPDR ETF cyclical tilt | Industrials are lagging on relative strength with a sharp 1m drop and negative RS despite being above the 200-day line. | Below grade | Sector | State Street Investment Management | 0.08% | $31.9B | 6.8M | 53.4 | 1.18% | 40% | -8.5% | -3.3% | +3.8% | +12.6% | -6.0% | Below 200d | 17.2% | -12.2% | Read Entire ThesisRead → |
| 63 | XLRE State Street Real Estate Select Sector SPDR ETF income and diversifier | Real estate is neutral in the macro model but lagging RS and the lowest yield-to-drawdown tradeoff argue against it now. | Below grade | Sector | State Street Investment Management | 0.08% | $8.3B | 5.2M | 201.5 | 3.19% | 61% | -4.4% | -4.1% | +3.6% | +4.9% | -6.8% | Above 200d | 14.0% | -8.3% | Read Entire ThesisRead → |
| 64 | DIA State Street SPDR Dow Jones Industrial Average ETF Trust value blue-chip tilt | Dow fund has weakest YTD return and heavy concentration in financials and industrials, sectors not overweighted here. | Below grade | Index | State Street Investment Management | 0.16% | $45.5B | 3.8M | 1.1 | 1.38% | 55% | -2.4% | +2.6% | +13.2% | +15.3% | -0.2% | Above 200d | 12.5% | -9.8% | Read Entire ThesisRead → |
| 65 | BLOK Amplify Blockchain Technology ETF cyclical tilt (crypto equities) | Weak recent momentum, negative RS vs SPY, and an extremely wide 691 bps spread make this an unattractive vehicle right now. | Below grade | Crypto | Amplify ETFs | 0.70% | $1.1B | 189K | 1139.9 | 0.78% | 32% | +4.9% | -1.0% | +21.1% | +0.8% | -3.8% | Above 200d | 41.0% | -35.6% | Read Entire ThesisRead → |
| 66 | GBTC Grayscale Bitcoin Trust ETF speculative sleeve (inferior vehicle) | Same bitcoin exposure as IBIT and FBTC but with much higher fees and wider spread, making it strictly inferior for new positions. | Below grade | Crypto | Grayscale | 1.50% | $10.3B | 1.9M | 54.2 | 0.00% | n/a | +24.5% | +23.8% | +10.1% | -32.1% | +20.4% | Above 200d | 45.1% | -53.8% | Read Entire ThesisRead → |
| 67 | ETHE Grayscale Ethereum Staking ETF speculative sleeve | Similar ether exposure to FETH but with a punishing 2.5% expense ratio that erodes returns over any holding period. | Below grade | Crypto | Grayscale | 2.50% | $1.9B | 2.2M | 4.9 | 1.11% | n/a | +34.7% | +52.3% | +20.4% | -43.2% | +48.1% | Above 200d | 64.3% | -67.3% | Read Entire ThesisRead → |
| 68 | BSOL Bitwise Solana Staking ETF speculative sleeve | Highest momentum of the group but essentially no track record, tiny scale, and a very wide 105 bps spread make this too risky to buy now. | Below grade | Crypto | n/a | n/a | n/a | 3.0M | 105.1 | n/a | n/a | +36.4% | +57.0% | +19.6% | n/a | +52.7% | Above 200d | 72.4% | -66.4% | Read Entire ThesisRead → |
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