Good while it lasts. During the R2000’s history there have been nine previous instances when the 10-yr yield rose 100+bps over the past year to a new 2-year high in yields. The 10-year just did this again on 9/14/26. Small-caps usually rally while the 10-year is surging higher. Generally, the R2000 has posted strong returns during such yield surges – Mar ’22 and Aug ’23 were the exceptions. Small-caps also outperformed more than underperformed during the trailing year.