According to Lydon, despite a decline in equity markets around the world, IEV is solid trend-following opportunity. “You look at long term trends, this is a classic example of an ETF that represents a developed area of the world that for the first time in a long time has gone above its trendline.” With an energy crisis brewing in Europe, slowed economies, and the Russian invasion of Ukraine, IEV might not jump to mind right away. Lydon noted that interest rates and the dollar are poised to stabilize, both of which could help the Euro, and in turn the equity markets, in Europe. Lydon also sees IEV has a useful diversifier. “A lot of people who have been heavily allocated to the S&P 500 have looked for other equity areas to be in. The sectors that are most important here in this ETF are financial services, healthcare, industrials, and consumer defense; where if you had a high correlation to the S&P you were mostly allocated to technology, financial services, healthcare yes – but consumer cyclicals. It makes sense to diversify outside the US.”