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Best-Performing ETF Area of Last Week: Cryptocurrency
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Wall Street was moderately upbeat last week with the S&P 500 (up 0.8%), the Dow Jones (up 1.2%), the Nasdaq Composite (up 0.3%) and the Russell 2000 (up 1.5%) gaining moderately. Cryptocurrency has topped the list of winners last week due to the bets over slower interest rate hikes by the Federal Reserve.
Bitcoin, the largest digital currency by market value, has gained about 2.6% in prices in the past five trading sessions (as of Apr 14, 2023). Bitcoin and other crypto tokens were trading with big gains last week as the moderate momentum continued.
Bitcoin marched toward the $31,000-mark as the largest crypto token was trading 2% higher. Its largest peer, Ethereum, too outdid with a big margin as it jumped more than 10% to hit the $2,1000-mark. Notably, data indicating cooling inflation released last week cut the bets over faster Fed rate hikes this year and boosted high-risk and high-growth investing areas like cryptocurrency.
Against this backdrop, below we highlight a few cryptocurrency ETFs that topped last week.
ETFs in Focus
Vaneck Digital Assets Mining ETF ) – Up 35.8%
The undelying MVIS Global Digital Assets Mining Index tracks the performance of companies that are participating in the digital assets mining economy. The fund charges 50 bps in fees.
This ETF is active and does not track a benchmark. The Valkyrie Bitcoin Miners ETF is an actively-managed exchange-traded fund that will invest at least 80% of its net assets in securities of companies that derive at least 50% of their revenue or profits from bitcoin mining operations and from providing specialized chips, hardware and software or other services to companies engaged in bitcoin mining. The fund charges 75 bps in fees.
Vaneck Digital Transformation ETF (DAPP - Free Report) ) – Up 30.1%
The underlying MVIS Global Digital Assets Equity Index is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the global digital asset segment. The fund charges 50 bps in fees.
Bitwise Crypto Industry Innovators ETF (BITQ - Free Report) ) – Up 25.4%
The underlying Bitwise Crypto Innovators 30 Index measures the performance of companies involved in servicing the cryptocurrency markets, including crypto mining firms, crypto mining equipment suppliers, crypto financial services companies, or other financial institutions servicing primarily crypto-related clientele. The fund charges 85 bps in fees.
The underlying Solactive Blockchain Index provides exposure to companies that are positioned to benefit from further advances in the field of blockchain technology. The fund charges 50 bps in fees.
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Best-Performing ETF Area of Last Week: Cryptocurrency
Wall Street was moderately upbeat last week with the S&P 500 (up 0.8%), the Dow Jones (up 1.2%), the Nasdaq Composite (up 0.3%) and the Russell 2000 (up 1.5%) gaining moderately. Cryptocurrency has topped the list of winners last week due to the bets over slower interest rate hikes by the Federal Reserve.
Bitcoin, the largest digital currency by market value, has gained about 2.6% in prices in the past five trading sessions (as of Apr 14, 2023). Bitcoin and other crypto tokens were trading with big gains last week as the moderate momentum continued.
Bitcoin marched toward the $31,000-mark as the largest crypto token was trading 2% higher. Its largest peer, Ethereum, too outdid with a big margin as it jumped more than 10% to hit the $2,1000-mark. Notably, data indicating cooling inflation released last week cut the bets over faster Fed rate hikes this year and boosted high-risk and high-growth investing areas like cryptocurrency.
Against this backdrop, below we highlight a few cryptocurrency ETFs that topped last week.
ETFs in Focus
Vaneck Digital Assets Mining ETF ) – Up 35.8%
The undelying MVIS Global Digital Assets Mining Index tracks the performance of companies that are participating in the digital assets mining economy. The fund charges 50 bps in fees.
Valkyrie Bitcoin Miners ETF (WGMI - Free Report) ) – Up 33.4%
This ETF is active and does not track a benchmark. The Valkyrie Bitcoin Miners ETF is an actively-managed exchange-traded fund that will invest at least 80% of its net assets in securities of companies that derive at least 50% of their revenue or profits from bitcoin mining operations and from providing specialized chips, hardware and software or other services to companies engaged in bitcoin mining. The fund charges 75 bps in fees.
Vaneck Digital Transformation ETF (DAPP - Free Report) ) – Up 30.1%
The underlying MVIS Global Digital Assets Equity Index is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the global digital asset segment. The fund charges 50 bps in fees.
Bitwise Crypto Industry Innovators ETF (BITQ - Free Report) ) – Up 25.4%
The underlying Bitwise Crypto Innovators 30 Index measures the performance of companies involved in servicing the cryptocurrency markets, including crypto mining firms, crypto mining equipment suppliers, crypto financial services companies, or other financial institutions servicing primarily crypto-related clientele. The fund charges 85 bps in fees.
Global X Blockchain ETF (BKCH - Free Report) ) – Up 23.4%
The underlying Solactive Blockchain Index provides exposure to companies that are positioned to benefit from further advances in the field of blockchain technology. The fund charges 50 bps in fees.