Aggregate Bond ETF (AGG) or the Vanguard Total Bond Market ETF (BND). Role of the Inflation Trade VettaFi: The S&P is in a bull market right now, tech stocks are on fire, and investors can yield a little bit more than 4% if they just buy an aggregate bond ETF like the iShares Core U.S. Even when the equity markets are back in favor as they are now and inflation seems like it's generally coming under control, there's reallocation within the portfolio, either to cyclical stocks or to greater diversification among asset classes.