The S&P 500’s top sector weights include tech 18.7%, health care 14.9%, financial 14.6%, consumer cyclical 11.0%, industrials 10.8%, consumer defensive 10.0%. On the other hand, SPXV has an ever greater tilt toward the top segments sans health care, including tech 21.9%, financial 17.1%, consumer cyclical 12.9%, industrial 12.6% and consumer defensive 11.9%. Similarly, SPXN is also more top heavy sans financials, including tech 22.5%, healthcare 17.7%, consumer cyclical 13.2%, industrials 12.8% and consumer defensive 12.1%.

Investors who believe the Federal Reserve will push off on an interest rate hike may consider something like SPXN as financial services, banks, and insurers would continue to suffer from a low rates environment. Meanwhile, weakness in pharma and biotech, especially given the political risk with Democratic hopeful Hillary Clinton shining a light on high drug costs, could dampen the healthcare outlook, which could make SPXV a strategy to watch.

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Additionally, while the energy sector has made a strong rebound this year, crude oil prices remain depressed amid a global supply glut. If the energy sector continues to face depressed crude oil prices, investors may consider the S&P 500 Ex-Energy ETF (NYSEArca: SPXE), which provides exposure to S&P 500 companies with the exception of those included in the Energy Sector, as a way to play the equities market.

Lastly, the S&P 500 Ex-Technology ETF (NYSEArca: SPXT) holds S&P 500 companies with the exception of those included in the Information Technology and the Telecommunication Services Sectors, or collectively the Technology Sector.