The U.S. equities ETF market has many feeling like the long-term bull is coming to a close. Corporate profits have been drying up and the progress of the S&P lately has been fueled by just a small number of firms, leading to many investors adjusting themselves to more defensive positions.

Tom recently talked to Michael Arone, Chief Investment Officer at State Street Global Advisors, about this trend and what he thinks investors should do about it. Good news: the skies not falling.

Their conversation yields some very useful insights into fragmentation of the S&P and how there has been outsize returns still available to the right strategies targeting the right areas.

Check out their chat below!