A recent rise in consumer sentiment and consumer cyclical stocks has us optimistic that Millennial theme outperformance can continue. We acknowledge that Tesla and Amazon have been key drivers of consumer returns since September 6, but other areas like Consumer Services are also showing promise. We are considering making MILN our favored Millennial Spending ETF, which has meaningfully less exposure to Consumer Staples than our current favored ETF, IEDI.
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