Global markets have outperformed the U.S. year-to-date, with several international indices—particularly in Europe, Asia, and emerging economies—showing strong gains. While U.S. markets have delivered mixed results, China and other global regions have experienced notable growth, signaling a potential shift in market leadership. An analysis of key funds, such as the Invesco QQQ Trust versus the Invesco China Technology ETF and the BMO China Equity Index ETF, suggests emerging leadership from China and other international markets, potentially marking a turning point in the global investment landscape.