BMO S&P US Mid Cap Index ETF (ZMID.TO)

(Note the short timeframe.)  At the time, market was still in the post-election honeymoon, and the bull market was finally getting to the smaller names. Had a run, and then petered out. Enthusiasm changed on small- and mid-caps, and retrenched to large-cap defensives.

When you buy these, you're saying you want less emphasis on the Mag 7 and more on the other companies. You're saying mid-cap stocks are going to do better. At this point, he'd say the mid-cap sector is preferred. He's bullish on small caps in the shorter term, and mid-caps also benefit in that environment.

Moved up in recent weeks, recent addition to his portfolio. Since the US election, small- and mid-cap stocks have started to do extremely well, moving up in his rankings. Underperformed for a long time, now turning it around and starting to win.