LQD is now an underperformer because long-term corporate bonds have moved into the lagging quadrant, while intermediate and short-term bonds continue to lead.

Pretty much the same situation we see in the corporate bond asset class. The intermediate and short-term bonds were already on a green on an outperformance outlook in the previous version, and long-term bonds were neutral with a negative outlook, and that has now changed. This is now definitely an underperformer, and you can see how that So, if we go 1 2 3 4 weeks back, you can see how this was a strange situation. We talked about it that all three of these ETFs were on the right-hand side, while theoretically they should encompass everything that's in LQD. Uh clearly, that's not the case because there is still different bonds in all these sections. It's pretty technical story, but I don't know the exact percentage, but maybe 90% of all the bonds that make up these three ETFs are also in LQD. So, that's why it was a little strange that we had all three of these ETFs inside the leading quadrant, and that has now resolved itself, and you can see that intermediate and short-term bonds continued their relative uptrend further into the leading quadrant, and you see that long-term bonds long-term corporate bonds have now resolved to the downside, and they are now clearly inside the lagging quadrant and moving further into it.