Markets no longer look quite so utopic and a new kind of reality seems to be emerging. As investors turn defensive, ETFs that would normally be ignored or rendered useless during the FANG-topia of yesteryears -- short-term debt ETFs, utilities, and low-volatility stocks -- are seeing massive inflows and staging a comeback.

Joel and Eric are joined by Carolina Wilson of Bloomberg News and Tom Psarafagis of Bloomberg Intelligence to discuss these market "regime changes" and which ETFs are seeing the most action. See omnystudio.com/listener for privacy information.