Vermilion ETF Pathfinder: Actionable ETF research & Ideas

BIG PICTURE... see page 2 • Our outlook remains bullish. Both top-down and bottom-up observations promote a positive outlook: indices are trading at new highs; cyclicals are leading; defense is lagging; and small-caps are outperforming. • What could derail our bullish stance?: the rate of change in interest rates (i.e. a slow-and-steady advance is fine, a surge is not). So far, this has not been a problem. • Value is leadership relative to growth. This is particularly true of small caps...