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Wall Street was mixed last week. The S&P 500 lost (down 1.6%), the Dow Jones gained (up 1.2%), the Nasdaq Composite nosedived (down 3.1%) and the Russell 2000 too slumped (down 1.2%) last week. Rising rate worries and recessionary fears were the key concerns.
Though the annual U.S. inflation rate eased for three months in a row to 8.2% in September of 2022, the data was above market forecasts of 8.1%. Meanwhile, core CPI, which eliminates volatile energy and food prices, increased 6.6% on a year. Core CPI rose 0.6% over the prior month (read: 5 Sector ETFs to Win from September Inflation Data).
Meanwhile, U.S. jobs data too came in at stronger. The U.S. economy added 263,000 jobs in September 2022, the least since April of 2021 but higher than market forecasts of 250,000, per tradingeconomics. The reading indicated a decline from an average of 439K in the first eight months of the year, as high inflation and interest rates started to weigh on the economy. Still, the number hints at a tight labor market with employment about 500,000 higher than its pre-pandemic level.
Such data points boosted the chances of even higher rates in the coming days. The benchmark U.S. treasury yield touched as high as 4% on Oct 14 while the two-year bond yield was at 4.48%. At the start of the week, the benchmark bond yield was 3.89% and the two-year bond yield was 4.30%.
There was upheaval in the global markets. The UK prime minister Liz Truss’s administration is preparing to scrap a central part of its tax-cutting agenda following weeks of chaos in financial markets. Chinese stocks too fell last week as the United States imposed new export curbs on semiconductor supplies to the country.
Against this backdrop, below, we highlight the best-performing ETFs of last week.
ETFs in Focus
Tuttle Capital Short Innovation ETF (SARK - Free Report) – Up 9.9%
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.
The underlying FTSE 30-Year TIPS (Treasury Rate-Hedged) Index tracks the performance of long positions in the most recently issued 30-year TIPS and duration-adjusted short positions in U.S. Treasury bonds of, in aggregate, approximate equivalent duration dollars to the TIPS.
CS S&P MLP Index ETN – Up 5.5%
The underlying S&P MLP Index includes both master limited partnerships and publicly traded limited liability companies which have a similar legal structure to MLPs and share the same tax benefits as MLPs. The fund charges 95 bps in fees.
This ETF is active and does not track a benchmark. The Simplify Interest Rate Hedge ETF seeks to hedge interest rate movements arising from rising long-term interest rates, and to benefit from market stress when fixed income volatility increases, while providing the potential for income. The fund charges 50 bps in fees.
Victory International Volatility Wtd ETF (CIL - Free Report) – Up 4.8%
The underlying Nasdaq Victory International 500 Volatility Weighted Index contains the 500 largest publicly traded stocks within the developed market excluding the United States, and with four consecutive quarters of net positive earnings. The fund charges 45 bps in fees.
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Top-Performing ETFs of Last Week
Wall Street was mixed last week. The S&P 500 lost (down 1.6%), the Dow Jones gained (up 1.2%), the Nasdaq Composite nosedived (down 3.1%) and the Russell 2000 too slumped (down 1.2%) last week. Rising rate worries and recessionary fears were the key concerns.
Though the annual U.S. inflation rate eased for three months in a row to 8.2% in September of 2022, the data was above market forecasts of 8.1%. Meanwhile, core CPI, which eliminates volatile energy and food prices, increased 6.6% on a year. Core CPI rose 0.6% over the prior month (read: 5 Sector ETFs to Win from September Inflation Data).
Meanwhile, U.S. jobs data too came in at stronger. The U.S. economy added 263,000 jobs in September 2022, the least since April of 2021 but higher than market forecasts of 250,000, per tradingeconomics. The reading indicated a decline from an average of 439K in the first eight months of the year, as high inflation and interest rates started to weigh on the economy. Still, the number hints at a tight labor market with employment about 500,000 higher than its pre-pandemic level.
Such data points boosted the chances of even higher rates in the coming days. The benchmark U.S. treasury yield touched as high as 4% on Oct 14 while the two-year bond yield was at 4.48%. At the start of the week, the benchmark bond yield was 3.89% and the two-year bond yield was 4.30%.
There was upheaval in the global markets. The UK prime minister Liz Truss’s administration is preparing to scrap a central part of its tax-cutting agenda following weeks of chaos in financial markets. Chinese stocks too fell last week as the United States imposed new export curbs on semiconductor supplies to the country.
Against this backdrop, below, we highlight the best-performing ETFs of last week.
ETFs in Focus
Tuttle Capital Short Innovation ETF (SARK - Free Report) – Up 9.9%
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.
Inflation Expectations ETF (RINF - Free Report) – Up 6.3%
The underlying FTSE 30-Year TIPS (Treasury Rate-Hedged) Index tracks the performance of long positions in the most recently issued 30-year TIPS and duration-adjusted short positions in U.S. Treasury bonds of, in aggregate, approximate equivalent duration dollars to the TIPS.
CS S&P MLP Index ETN – Up 5.5%
The underlying S&P MLP Index includes both master limited partnerships and publicly traded limited liability companies which have a similar legal structure to MLPs and share the same tax benefits as MLPs. The fund charges 95 bps in fees.
Simplify Interest Rate Hedge ETF (PFIX - Free Report) – Up 5.3%
This ETF is active and does not track a benchmark. The Simplify Interest Rate Hedge ETF seeks to hedge interest rate movements arising from rising long-term interest rates, and to benefit from market stress when fixed income volatility increases, while providing the potential for income. The fund charges 50 bps in fees.
Victory International Volatility Wtd ETF (CIL - Free Report) – Up 4.8%
The underlying Nasdaq Victory International 500 Volatility Weighted Index contains the 500 largest publicly traded stocks within the developed market excluding the United States, and with four consecutive quarters of net positive earnings. The fund charges 45 bps in fees.