##  [# ETF Zoo: Niche ETFs From Space Exploration to Night Trading](/sections/podcasts/etf-zoo-niche-etfs-space-exploration-night-trading) 

 

# ETF Zoo: Niche ETFs From Space Exploration to Night Trading

 

 

This ETF Zoo episode explores the massive surge into Treasury Bills and derivative income ETFs, the controversy surrounding illiquid holdings like SpaceX in retail vehicles, and whether the much-hyped "Sell America" trade held any water in 2025.



 

 

 

 

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[By ETF Zoo Podcast](/authors/etf-zoo-podcast)

 Dec 19, 2025

 Edited by: ETF.com Staff

 

 

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Welcome to ETF Zoo, where we check in on the latest happenings in the wild world of ETFs. This week's conversation covers the growing momentum of active management in ETFs, the trend towards thematic – and niche – investing across sectors, the concerns of illiquid assets in ETFs, the future of ETF shareclasses, and the results of the "Sell America" trade.

Host Dave Nadig, President and Director of Research at ETF.com is joined this week by Ben Johnson, CFA, Head of Client Solutions, Asset Management at Morningstar; Tony Dong, MSc, CETF, Founder and Owner of ETF Portfolio Blueprint; and Todd Sohn, Senior ETF &amp; Technical Strategist, Strategas Securities.

## Highlights from the conversation include: 

"And I think, more generally, the direction of travel is towards all form of model portfolios... And that's even an area that's begun to evolve from exclusively proprietary product, to blended models, now to increasingly custom models that are being delivered at the level of the overall home office from the asset manager to the intermediary platform. So I think that's only going to continue." -*Ben Johnson*

"There seems to be a thematic revival going on here, which is interesting. And then even like the return of emerging market equities, EM's having a pretty good year in terms of flows coming back, and I think a lot of folks are starting to dip their toes back in there after a rough patch over the last couple years." -*Todd Sohn*

"I think they need to label these plain because when you write 'yield enhancement', I have no idea if you're using a derivative overlay. I have no idea if you're using leverage and how that leverage is produced. Are you borrowing against assets or using swaps? Like, just tell us what's in the thing on the label, you know?" -*Tony Dong*

"And then you run that math and it turns out, lo and behold – not that surprising – Sell America was actually a pretty profitable trade if you put it in play at the beginning of the year and were in April and sort of held it to now. But that being said, I look at the Sell America portfolio and I wouldn't buy it right now." -*Dave Nadig* (*To see Dave's full piece on the "Sell America" trade,* [***go here***](https://www.etf.com/sections/equity/did-sell-america-win-after-all)*.*)

*Discover the news, data, and voices shaping the ETF community. Follow along* [***here***](https://www.etf.com/sections/podcasts)*.*



 

 

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 [ ETF Zoo Podcast ](/authors/etf-zoo-podcast) 

 

 

  Welcome to ETF Zoo, the podcast where we check into recent happenings in the wild world of ETFs. Hosts Dave Nadig, President and Director of Research…   [View Bio](/authors/etf-zoo-podcast)

 



 

 


 Related Topics  [Equity](http://www.etf.com/topics/equity) 

 [Alternative](http://www.etf.com/topics/alternative-etfs) 

 [Leveraged](http://www.etf.com/topics/leveraged)