CNBC’s Mike Santoli takes a look at low-volatility stocks that traders have backed off from in this “ETF Spotlight” segment. With a focus on the most popular recent trades, there are some notable ETFs to highlight, even if it’s merely a temporary cool off.

Santoli begins with iShares IBoxx $ Investment Grade Corporate Bond ETF (LQD), which had a massive surge this year. Now, over the past couple of days, the fund has made a dip, making it unclear if this is an inflection point that’s been seen this week.

Regardless, yields are going way up, and it’s a significant week for corporate bond issuance. That brings the conversation over to gold and gold miners. The VanEck Vectors Gold Miners ETF (GDX) did have a little bit of a pullback as well, following a very aggressive increase. There are still very strong uptrends, with some backing off and testing those.

“In terms of style of stock investing, the low volatility trade defensive stocks [Invesco S&P 500 Low Volatility] SPLV is a real kind of poster child for that,” Santoli adds. It hasn’t missed out in any way, as the yields remain very low in these quality defensive stocks are up there half a percent, outperforming today.

In reference to the apprehension over the yield curve inversion and possible recession, it’s pointed out that there is a lot less intense buying at the longer end of the curve. At the same time, people say how heavy corporate bond issuance tends to drag the 10-year yield up small amounts, which is why the Funds, among others, are seeing that steepening, even if yields aren’t doing much.

Watch CNBC’s Mike Santoli Go Over This Cooling Off

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