Core Viewpoint - A significant market downturn occurred on October 10, 2025, with approximately $2 trillion in market value lost due to President Donald Trump's comments regarding potential tariff increases on Chinese products, leading to heightened fears of a renewed U.S.-China trade war [1][2]. Market Impact - The S&P 500 dropped 2.7%, marking its steepest decline since April, while the Nasdaq Composite fell 3.56%, the Dow Jones Industrial Average decreased by 1.9%, and the Russell 2000 declined by 3% [1]. Investor Sentiment - Prior to Trump's post, investor sentiment was relatively optimistic regarding trade tensions, bolstered by exemptions on key goods like Apple's iPhones. The sudden announcement of potential tariffs disrupted this complacency, causing a significant sell-off in risk-on assets [3]. Winning ETF Areas - **Silver**: The Physical Silver ETF (SIVR) rose by 1.4% due to tightening supply, increased industrial demand, and strong ETF inflows, particularly from sectors like solar, EVs, and 5G [4]. - **Defensive ETFs**: The Active Bear ETF (HDGE) and Cambria Tail Risk ETF (TAIL) increased by approximately 3.1% and 2%, respectively, as investors sought defensive positions amid market volatility [5]. - **Uranium**: The Sprott Junior Uranium Miners ETF (URNJ) and Global X Uranium ETF (URA) saw gains of about 0.8% and 0.7%, respectively, driven by rising demand and supply constraints [6]. - **Municipal Bonds**: The National Amt-Free Municipal Bond Invesco ETF (PZA) and Franklin Liberty Municipal Bond ETF (FLMB) each gained about 0.3%, benefiting from the ongoing Fed rate cuts and favorable SALT deduction legislation [8][9]. - **Vietnam**: The Vaneck Vietnam ETF (VNM) advanced by 1.2% following FTSE Russell's decision to upgrade Vietnam's market classification, which is expected to attract significant investment inflows [10][11].