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The Zacks Analyst Blog Highlights iPatha.B Sugar Subindex TR ETN, Sprott Junior Uranium Miners ETF, Bitwise Bitcoin Strategy Optimum Roll ETF, Advisorshares Pure US Cannabis ETF and KrraneShares Global Carbon Offset Strategy ETF
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For Immediate Release
Chicago, IL – May 2, 2023 – Zacks.com announces the list of stocks and ETFs featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. ETFs recently featured in the blog include: iPatha.B Sugar Subindex TR ETN , Sprott Junior Uranium Miners ETF (URNJ - Free Report) , Bitwise Bitcoin Strategy Optimum Roll ETF (BITC - Free Report) , Advisorshares Pure US Cannabis ETF (MSOS - Free Report) and KrraneShares Global Carbon Offset Strategy ETF .
Here are highlights from Monday’s Analyst Blog:
Top-Performing ETF Areas of Last Week
Wall Street offered a moderate performance last week with the S&P 500 (up 0.9%), the Dow Jones (up 0.9%), the Nasdaq (up 1.3%), the Russell 2000 (down 1.3%) returning in the range of down 1.3% to up 1.3%. Presently, Wall Street is preoccupied with the earnings season and has received varied corporate results.Last week was marked with upbeat big tech earnings, which boosted the tech-heavy Nasdaq the most.
Meanwhile, the regional banking crisis flared up all over again and First Republic shares again started to fall. According to the Wall Street Journal, JPMorgan Chase & Co. and PNC Financial Services Group are competing to acquire First Republic Bank in a deal that would take place after the troubled bank is anticipated to be seized by the government, as quoted on Economic Times (read: Time to Steer Clear of Regional Bank ETFs With Renewed FRC Crisis?).
Meanwhile, the US economy grew at an annualized pace of 1.1% during the first quarter of 2023, falling short of consensus forecasts of 1.9% surveyed by Bloomberg. The data highlighted a slowdown in wholesale trade, machinery, equipment, supplies, and manufacturing, as well as a decline in single-family construction, contributing to the lower growth rate. However, growth in consumer spending in goods and services helped keep annualized growth positive for the quarter (read: Should ETF Investors at all Worry About Slowing U.S. Economy?).
Against this backdrop, below we highlight a few ETFs of last week that breezed past the broader market.
ETFs in Focus
Sugar
iPatha.B Sugar Subindex TR ETN – Up 8.3%
Sugar futures rose to the highest level since January of 2017, thanks to a stronger Brazilian real as well as supply crunch. “As industry groups point to the end of the crushing season, heavy rainfall in top producer and exporter Brazil caused mills to leave millions of tonnes of sugarcane crops untouched in fields to be harvested next year, significantly reducing supply,” as quoted on Tradingeconomics. Plus, inclement weather in other producing countries like Thailand, Australia, and Central America also delayed harvests (read: Tap the Rally in Sweetener Prices With Sugar ETFs).
Uranium Miners
Sprott Junior Uranium Miners ETF – Up 7.7%
Uranium specialists predict a rise in uranium prices in 2023, per mining.com. Due to the energy crisis caused by the Russian-Ukraine war, several countries including Japan, France, South Korea, India, the UK, the US, and Germany have recently announced new constructions, incentives, and funding for nuclear power.Most countries are extending the life of their nuclear power plants and expanding their fleets.
Bitcoin
Bitwise Bitcoin Strategy Optimum Roll ETF – Up 7.5%
April 2023 has been one of the biggest months for cryptocurrency. In the aftermath of the banking crisis, cryptocurrencies have experienced a significant surge in value as conventional investment options lose appeal among the broader investor base.
Cannabis
Advisorshares Pure US Cannabis ETF – Up 7.4%
Cannabis-related stocks experienced a significant boost on Apr 27 as the Secure and Fair Enforcement (SAFE) Banking Act re-introduced in the U.S. Senate and House of Representatives. Currently, many banks avoid working with marijuana companies due to the industry's illegal status at the federal level. This has led to a reliance on cash transactions, making it difficult for cannabis businesses to access loans, lines of credit, and other essential financial services.
KrraneShares Global Carbon Offset Strategy ETF – Up 4.9%
Going green has become the mantra to save the earth. Governments around the world are focused on moving toward net-zero emissions by 2050 set by the 2015 Paris agreement. Some companies are trying to reduce their carbon footprint voluntarily.
Another way for companies to manage their carbon footprint is to buy and sell emission allowances. In the cap-and-trade system, a government sets a limit on overall emissions that is tightened over time. Big carbon emitters need to buy these pollution permits to stay under regularity caps. Such initiatives have boosted carbon-allowance exchange-traded products.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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The Zacks Analyst Blog Highlights iPatha.B Sugar Subindex TR ETN, Sprott Junior Uranium Miners ETF, Bitwise Bitcoin Strategy Optimum Roll ETF, Advisorshares Pure US Cannabis ETF and KrraneShares Global Carbon Offset Strategy ETF
For Immediate Release
Chicago, IL – May 2, 2023 – Zacks.com announces the list of stocks and ETFs featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. ETFs recently featured in the blog include: iPatha.B Sugar Subindex TR ETN , Sprott Junior Uranium Miners ETF (URNJ - Free Report) , Bitwise Bitcoin Strategy Optimum Roll ETF (BITC - Free Report) , Advisorshares Pure US Cannabis ETF (MSOS - Free Report) and KrraneShares Global Carbon Offset Strategy ETF .
Here are highlights from Monday’s Analyst Blog:
Top-Performing ETF Areas of Last Week
Wall Street offered a moderate performance last week with the S&P 500 (up 0.9%), the Dow Jones (up 0.9%), the Nasdaq (up 1.3%), the Russell 2000 (down 1.3%) returning in the range of down 1.3% to up 1.3%. Presently, Wall Street is preoccupied with the earnings season and has received varied corporate results.Last week was marked with upbeat big tech earnings, which boosted the tech-heavy Nasdaq the most.
Meanwhile, the regional banking crisis flared up all over again and First Republic shares again started to fall. According to the Wall Street Journal, JPMorgan Chase & Co. and PNC Financial Services Group are competing to acquire First Republic Bank in a deal that would take place after the troubled bank is anticipated to be seized by the government, as quoted on Economic Times (read: Time to Steer Clear of Regional Bank ETFs With Renewed FRC Crisis?).
Meanwhile, the US economy grew at an annualized pace of 1.1% during the first quarter of 2023, falling short of consensus forecasts of 1.9% surveyed by Bloomberg. The data highlighted a slowdown in wholesale trade, machinery, equipment, supplies, and manufacturing, as well as a decline in single-family construction, contributing to the lower growth rate. However, growth in consumer spending in goods and services helped keep annualized growth positive for the quarter (read: Should ETF Investors at all Worry About Slowing U.S. Economy?).
Against this backdrop, below we highlight a few ETFs of last week that breezed past the broader market.
ETFs in Focus
Sugar
iPatha.B Sugar Subindex TR ETN – Up 8.3%
Sugar futures rose to the highest level since January of 2017, thanks to a stronger Brazilian real as well as supply crunch. “As industry groups point to the end of the crushing season, heavy rainfall in top producer and exporter Brazil caused mills to leave millions of tonnes of sugarcane crops untouched in fields to be harvested next year, significantly reducing supply,” as quoted on Tradingeconomics. Plus, inclement weather in other producing countries like Thailand, Australia, and Central America also delayed harvests (read: Tap the Rally in Sweetener Prices With Sugar ETFs).
Uranium Miners
Sprott Junior Uranium Miners ETF – Up 7.7%
Uranium specialists predict a rise in uranium prices in 2023, per mining.com. Due to the energy crisis caused by the Russian-Ukraine war, several countries including Japan, France, South Korea, India, the UK, the US, and Germany have recently announced new constructions, incentives, and funding for nuclear power.Most countries are extending the life of their nuclear power plants and expanding their fleets.
Bitcoin
Bitwise Bitcoin Strategy Optimum Roll ETF – Up 7.5%
April 2023 has been one of the biggest months for cryptocurrency. In the aftermath of the banking crisis, cryptocurrencies have experienced a significant surge in value as conventional investment options lose appeal among the broader investor base.
Cannabis
Advisorshares Pure US Cannabis ETF – Up 7.4%
Cannabis-related stocks experienced a significant boost on Apr 27 as the Secure and Fair Enforcement (SAFE) Banking Act re-introduced in the U.S. Senate and House of Representatives. Currently, many banks avoid working with marijuana companies due to the industry's illegal status at the federal level. This has led to a reliance on cash transactions, making it difficult for cannabis businesses to access loans, lines of credit, and other essential financial services.
If passed, the SAFE Banking Act would level the playing field for marijuana businesses in states where cannabis, facilitating growth and attracting investment (read: SAFE Banking Act Resurgence Boosts Pot ETFs: A New Era Ahead?).
Carbon Offset Strategy
KrraneShares Global Carbon Offset Strategy ETF – Up 4.9%
Going green has become the mantra to save the earth. Governments around the world are focused on moving toward net-zero emissions by 2050 set by the 2015 Paris agreement. Some companies are trying to reduce their carbon footprint voluntarily.
Another way for companies to manage their carbon footprint is to buy and sell emission allowances. In the cap-and-trade system, a government sets a limit on overall emissions that is tightened over time. Big carbon emitters need to buy these pollution permits to stay under regularity caps. Such initiatives have boosted carbon-allowance exchange-traded products.
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Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.