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Last week was downbeat for Wall Street.SPDR S&P 500 ETF Trust (SPY - Free Report) ,SPDR Dow Jones Industrial Average ETF Trust (DIA - Free Report) ,the Nasdaq-100-based ETF Invesco QQQ Trust (QQQ - Free Report) , iShares Russell 2000 ETF (IWM - Free Report) and iShares MSCI ACWI ETF (ACWI - Free Report) lost about 3.7%, 3.2%, 4.2%, 2.6%, and 3.6%, respectively, past week (read: Buy the Dip in These ETFs).
Simple profit-booking and some warnings from the too-big-to-fail companies probably led to this crash. For example, Tesla’s stock fell more than 2% after the company’s profits underperformed the estimates, though revenues logged a quarterly record.
Apple’s stock dipped 0.8% after CEO Tim Cook said during the company’s earnings call that he expected a second-quarter deceleration in wearables and services sales growth. Facebook too cautioned about the challenges in the ad environment in 2021.
Increased speculative trading activities involving bidding up for heavily shorted stocks like AMC Entertainment (AMC) and GameStop (GME) also led to the crash.Users of Reddit group, in which about five million members exchange investment ideas, fetched significant profits by swallowing shares of GameStop Corp that had been shorted by big hedge funds(read: ETF Strategies to Combat Market Volatility & Soaring COVID-19 Cases).
Against this backdrop, below we highlight a few winning ETFs of last week.
Purefunds Video Game Tech ETF (GAMR - Free Report) – Up 22.7%
GameStop’s shares jumped 235.7% last week. Now, GameStop takes the top spot in the video game ETF with about 26.34% allocation to its assets and hence explains the rally in GAMR (read: How to Trade GameStop Trading Frenzy With ETFs).
This is yet another GameStop story. The stock takes the top position in the fund with about 11.80% weight.
Invesco S&P Smallcap Value With Momentum ETF (XSVM - Free Report) ) – Up 7.4%
GameStop is the top holding of the fund as the stock occupies about 14.6% of the portfolio.
Etfmg Treatments Testing and Advancements ETF GERM – Up 7.4%
Novavax (NVAX - Free Report) recently announced very encouraging updates on its protein-based COVID-19 vaccine candidate NVX-CoV2373. Per management, the vaccine candidate met the primary endpoint, delivering an efficacy of 89.3%, in its Phase 3 clinical trial conducted in the United Kingdom. Shares of NVAX surged 71.2% last week.
GERM holds a basket of 68 stocks with Novavax occupying about 3.6% weight. Exposure to Novavax offered gains to the GERM ETF (read: Novavax (NVAX - Free Report) ETFs to Rise on Impressive Coronavirus Vaccine Update).
The CBOT Corn Futures Contract looks to reflect the daily changes of a weighted average of the closing prices for three futures contracts for corn that are traded on the CBOT.
U.S. corn supplies in September will be smaller than forecast earlier due to a reduced estimate of last fall's harvest, per the latest announcement of the U.S. Agriculture Department. The news of supply crunch boosted corn prices materially.
Purefunds ISE Junior Silver ETF (SILJ - Free Report) – Up 6.4%
The underlying Prime Junior Silver Miners & Explorers Index provides a benchmark for investors interested in tracking public, small-cap companies that are active in the silver mining exploration and production industry.
After GameStop and AMC Entertainment, the Reddit’s “Wall Street Bets” forum is now eyeing to “short squeeze” the silver market, one of the heavily shorted markets with the majority of the short position bought by JP Morgan. The move has given a boost to the fund SILJ (read: Profit from These ETFs on Silver's "Short Squeeze" Buzz).
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Top-Performing ETFs of Last Week
Last week was downbeat for Wall Street.SPDR S&P 500 ETF Trust (SPY - Free Report) ,SPDR Dow Jones Industrial Average ETF Trust (DIA - Free Report) ,the Nasdaq-100-based ETF Invesco QQQ Trust (QQQ - Free Report) , iShares Russell 2000 ETF (IWM - Free Report) and iShares MSCI ACWI ETF (ACWI - Free Report) lost about 3.7%, 3.2%, 4.2%, 2.6%, and 3.6%, respectively, past week (read: Buy the Dip in These ETFs).
Simple profit-booking and some warnings from the too-big-to-fail companies probably led to this crash. For example, Tesla’s stock fell more than 2% after the company’s profits underperformed the estimates, though revenues logged a quarterly record.
Apple’s stock dipped 0.8% after CEO Tim Cook said during the company’s earnings call that he expected a second-quarter deceleration in wearables and services sales growth. Facebook too cautioned about the challenges in the ad environment in 2021.
Increased speculative trading activities involving bidding up for heavily shorted stocks like AMC Entertainment (AMC) and GameStop (GME) also led to the crash.Users of Reddit group, in which about five million members exchange investment ideas, fetched significant profits by swallowing shares of GameStop Corp that had been shorted by big hedge funds(read: ETF Strategies to Combat Market Volatility & Soaring COVID-19 Cases).
Against this backdrop, below we highlight a few winning ETFs of last week.
Purefunds Video Game Tech ETF (GAMR - Free Report) – Up 22.7%
GameStop’s shares jumped 235.7% last week. Now, GameStop takes the top spot in the video game ETF with about 26.34% allocation to its assets and hence explains the rally in GAMR (read: How to Trade GameStop Trading Frenzy With ETFs).
S&P Retail SPDR (XRT - Free Report) ) – Up 17.6%
Here also, GameStop takes the top position (12.37%) in the fund XRT and offered a huge boost to this retail ETF.
S&P Smallcap Consumer Discretionary Invesco ETF (PSCD - Free Report) – Up 8.7%
This is yet another GameStop story. The stock takes the top position in the fund with about 11.80% weight.
Invesco S&P Smallcap Value With Momentum ETF (XSVM - Free Report) ) – Up 7.4%
GameStop is the top holding of the fund as the stock occupies about 14.6% of the portfolio.
Etfmg Treatments Testing and Advancements ETF GERM – Up 7.4%
Novavax (NVAX - Free Report) recently announced very encouraging updates on its protein-based COVID-19 vaccine candidate NVX-CoV2373. Per management, the vaccine candidate met the primary endpoint, delivering an efficacy of 89.3%, in its Phase 3 clinical trial conducted in the United Kingdom. Shares of NVAX surged 71.2% last week.
GERM holds a basket of 68 stocks with Novavax occupying about 3.6% weight. Exposure to Novavax offered gains to the GERM ETF (read: Novavax (NVAX - Free Report) ETFs to Rise on Impressive Coronavirus Vaccine Update).
Teucrium Corn (CORN - Free Report) – Up 6.5%
The CBOT Corn Futures Contract looks to reflect the daily changes of a weighted average of the closing prices for three futures contracts for corn that are traded on the CBOT.
U.S. corn supplies in September will be smaller than forecast earlier due to a reduced estimate of last fall's harvest, per the latest announcement of the U.S. Agriculture Department. The news of supply crunch boosted corn prices materially.
Purefunds ISE Junior Silver ETF (SILJ - Free Report) – Up 6.4%
The underlying Prime Junior Silver Miners & Explorers Index provides a benchmark for investors interested in tracking public, small-cap companies that are active in the silver mining exploration and production industry.
After GameStop and AMC Entertainment, the Reddit’s “Wall Street Bets” forum is now eyeing to “short squeeze” the silver market, one of the heavily shorted markets with the majority of the short position bought by JP Morgan. The move has given a boost to the fund SILJ (read: Profit from These ETFs on Silver's "Short Squeeze" Buzz).
Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free>>