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Wall Street delivered a downbeat performance last week. The S&P 500, the Dow Jones and the Nasdaq retreated 2.5%, 2.1% and 2.6%, respectively. The week was packed with big tech earnings releases. While Microsoft overwhelmed with its cloud business, Alphabet disappointed. META reported its most profitable quarter in years and the highest quarterly revenues since going public more than a decade ago (read: Should You Buy Pureplay Cloud ETFs Instead of Single Stock Picking?).
Amazon reported robust third-quarter results, wherein it beat both earnings and revenue estimates. Amazon's cloud computing platform, record-high Prime Day sales and a rapidly growing ad sales business drove the results. Meanwhile, in a significant development following a six-week strike, Ford Motor (F - Free Report) and United Auto Workers (“UAW”) union negotiators have reached a tentative labor deal that promises substantial pay increases for workers.
The Q3 U.S. GDP data also released last week. The United States witnessed substantial economic growth in the third quarter of 2023, with the real gross domestic product (GDP) growing at an annual rate of 4.9%, beating economists’ expectations of 4.7%. Consumer spending was one of the main contributors to U.S. GDP growth. The GDP increase marked the largest gain since the fourth quarter of 2021 (read: Consumer Spending Boosts U.S. Q3 GDP: ETFs to Buy).
As far as rates are concerned, the benchmark U.S. treasury bond yield opened the week at 4.86%, hit a high of 4.95% and closed out the week at 4.84%. Against this backdrop, below we highlight a few winning inverse/leveraged ETFs of last week.
ETFs in Focus
Egypt
VanEck Egypt Index ETF ) – Up 19.1%
The underlying MVIS Egypt Index comprises of securities of companies that are incorporated in Egypt or that generate at least 50% of their revenues in Egypt. The expense ratio of the fund is 1.24%.
Bitcoin
Bitwise Bitcoin Strategy Optimum Roll ETF (BITC - Free Report) ) – Up 13.7%
Bitcoin prices shored up last week. Hence, the Bitwise Bitcoin Strategy Optimum Roll ETF, which seeks to provide investors with capital appreciation, gained last week.
China Healthcare
Global X MSCI China Health Care ETF – Up 6%
The underlying MSCI China Health Care 10/50 Index tracks the performance of companies in the health care sector in the MSCI China Index. The fund charges 65 bps in fees.
Total Portfolio ETF
Simplify Tail Risk Strategy ETF – Up 5.9%
The Simplify Tail Risk Strategy ETF seeks to provide investors with a standalone solution for hedging diversified portfolios against severe equity market selloffs. The fund charges 84 bps in fees.
Inverse Equity
AXS Short Innovation Daily ETF (SARK - Free Report) – Up 5.3%
This ETF is active and does not track a benchmark. The AXS Short Innovation Daily ETF seeks the daily inverse investment results and is intended to be used as a short-term trading vehicle. The fund charges 75 bps in fees.
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Best ETF Areas of Last Week
Wall Street delivered a downbeat performance last week. The S&P 500, the Dow Jones and the Nasdaq retreated 2.5%, 2.1% and 2.6%, respectively. The week was packed with big tech earnings releases. While Microsoft overwhelmed with its cloud business, Alphabet disappointed. META reported its most profitable quarter in years and the highest quarterly revenues since going public more than a decade ago (read: Should You Buy Pureplay Cloud ETFs Instead of Single Stock Picking?).
Amazon reported robust third-quarter results, wherein it beat both earnings and revenue estimates. Amazon's cloud computing platform, record-high Prime Day sales and a rapidly growing ad sales business drove the results. Meanwhile, in a significant development following a six-week strike, Ford Motor (F - Free Report) and United Auto Workers (“UAW”) union negotiators have reached a tentative labor deal that promises substantial pay increases for workers.
The Q3 U.S. GDP data also released last week. The United States witnessed substantial economic growth in the third quarter of 2023, with the real gross domestic product (GDP) growing at an annual rate of 4.9%, beating economists’ expectations of 4.7%. Consumer spending was one of the main contributors to U.S. GDP growth. The GDP increase marked the largest gain since the fourth quarter of 2021 (read: Consumer Spending Boosts U.S. Q3 GDP: ETFs to Buy).
As far as rates are concerned, the benchmark U.S. treasury bond yield opened the week at 4.86%, hit a high of 4.95% and closed out the week at 4.84%. Against this backdrop, below we highlight a few winning inverse/leveraged ETFs of last week.
ETFs in Focus
Egypt
VanEck Egypt Index ETF ) – Up 19.1%
The underlying MVIS Egypt Index comprises of securities of companies that are incorporated in Egypt or that generate at least 50% of their revenues in Egypt. The expense ratio of the fund is 1.24%.
Bitcoin
Bitwise Bitcoin Strategy Optimum Roll ETF (BITC - Free Report) ) – Up 13.7%
Bitcoin prices shored up last week. Hence, the Bitwise Bitcoin Strategy Optimum Roll ETF, which seeks to provide investors with capital appreciation, gained last week.
China Healthcare
Global X MSCI China Health Care ETF – Up 6%
The underlying MSCI China Health Care 10/50 Index tracks the performance of companies in the health care sector in the MSCI China Index. The fund charges 65 bps in fees.
Total Portfolio ETF
Simplify Tail Risk Strategy ETF – Up 5.9%
The Simplify Tail Risk Strategy ETF seeks to provide investors with a standalone solution for hedging diversified portfolios against severe equity market selloffs. The fund charges 84 bps in fees.
Inverse Equity
AXS Short Innovation Daily ETF (SARK - Free Report) – Up 5.3%
This ETF is active and does not track a benchmark. The AXS Short Innovation Daily ETF seeks the daily inverse investment results and is intended to be used as a short-term trading vehicle. The fund charges 75 bps in fees.