As 2025 crawls to its end, one winning investment trend of this year looks geared up to move into next year — skepticism about going heavy on American assets. iShares MSCI ACWI ex US ETF (ACWX) , which tracks the global stock market (excluding the United States), has surged 26.7% so far this year versus 14.8% gains in the SPDR S&P 500 ETF Trust (SPY) .Although U.S.-China trade tensions eased a lot lately and the Fed started cutting rates this year in September, SPY (down 0.03%) underperformed ACWX (up 0.5%) ...