Daniel Santiago (State Street): Sector ETFs, S&P Concentration, and Reading the Cycle

Daniel Santiago from State Street Global Advisors joins Michael A. Gayed, CFA to unpack sector ETF investing in 2026 — the original SPDR product line, now the largest and most liquid sector suite on the market. We get into the Magnificent Seven concentration problem in the S&P 500, how State Street's GICS-based classification actually works (including why SpaceX classifies as communication services), sector dispersion versus style/factor dispersion, and how to think about sector rotation given where we are in the economic cycle. For allocators, advisors, and anyone building portfolios who wants a cleaner framework for reading the tape sector by sector. Guest: Daniel Santiago, Sector ETF Specialist, State Street Global Advisors (SPDR) Host: Michael A. Gayed, CFA — Publisher, The Lead-Lag Report Watch on YouTube: https://www.youtube.com/watch?v=alSfJtl1xCI More: https://leadlagreport.com Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive. Support the show