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Wall Street saw mixed trading last week, with the S&P 500 losing about 0.3%, the Dow Jones falling about 1.1%, the Nasdaq Composite adding about 0.40% and the Russell 2000 shedding about 1.1%. While CPI and PPI inflation data showed signs of cooling (a positive for the stock market), the debt-ceiling drama in Washington posed a threat to the market.
Against this backdrop, below, we highlight a few top-performing ETFs of last week.
ETFs in Focus
Commodity Trust I Breakwave Tanker Shipping ETF (BWET - Free Report) – Up 21.5%
The Breakwave Tanker Shipping ETF provides long exposure to the crude oil tanker shipping market through a portfolio of near-dated futures contracts on indices that measure the cost of shipping crude oil. The expense ratio of the fund is 3.50%.
Based on the most recent information provided by Xeneta, a company based in Oslo, certain trade routes continue to have prices significantly higher than those before the pandemic. Recent long-term agreements for specific routes are now more than 100% pricier compared to equivalent contracts in 2019.
The underlying MSCI Turkey IMI 25/50 Index is a free float-adjusted market capitalization index designed to measure broad-based equity market performance in Turkey. The index consists of stocks traded primarily on the Istanbul Stock Exchange. The fund charges 58 bps in fees and yields 2.18% annually.
Following Homeland Party leader Muharrem Ince's decision to withdraw from the presidential race, the Borsa Istanbul 100 index experienced a surge of over 6%, surpassing the 4,800 level. This development is regarded as a favorable turn of events for President Erdogan's competitor, Kemal Kilicdaroglu, enhancing his prospects of winning the elections.
Notably, the banking sector spearheaded the upward movement as investors grew increasingly hopeful about the replacement of Erdogan's unconventional policies. This optimism coincided with the country grappling with a staggering 43.7% inflation rate, a historically weak lira, and the aftermath of a devastating earthquake earlier this year, per tradingeconomics.
The Natural Gas Price Index is the futures contract on natural gas as traded on the NYMEX. The United States Natural Gas ETF LP is an exchange-traded security designed to track in percentage terms the movements of natural gas prices. The expense ratio of the fund is 1.11%.
The underlying Nasdaq Sprott Lithium Miners Index seeks to track the performance of companies that derive at least 50% of their revenues and assets from mining, exploration, development, or production of lithium. The fund charges 65 bps in fees.
Lithium carbonate prices increased past CNY 200,000 per ton, extending its turnaround amid renewed optimism for electric battery demand. Fresh data revealed that both NEV sales and output in China surged 110% year on year in April, lowering concerns about poor demand levels at the start of the year.
This ETF is active and does not track a benchmark. The Spear Alpha ETF invests in companies poised to benefit from breakthrough trends in industrial technology.
Industrial technology has experienced remarkable growth in recent years, driven by advancements in automation, robotics, IoT, artificial intelligence, and renewable energy solutions. These developments have revolutionized manufacturing processes, improving productivity, quality control, and worker safety. Additionally, additive manufacturing and nanotechnology are driving innovation and the development of new products and materials. This rapid growth in industrial technology is reshaping industries, fostering innovation, and contributing to economic growth.
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Best-Performing ETFs of Last Week
Wall Street saw mixed trading last week, with the S&P 500 losing about 0.3%, the Dow Jones falling about 1.1%, the Nasdaq Composite adding about 0.40% and the Russell 2000 shedding about 1.1%. While CPI and PPI inflation data showed signs of cooling (a positive for the stock market), the debt-ceiling drama in Washington posed a threat to the market.
Against this backdrop, below, we highlight a few top-performing ETFs of last week.
ETFs in Focus
Commodity Trust I Breakwave Tanker Shipping ETF (BWET - Free Report) – Up 21.5%
The Breakwave Tanker Shipping ETF provides long exposure to the crude oil tanker shipping market through a portfolio of near-dated futures contracts on indices that measure the cost of shipping crude oil. The expense ratio of the fund is 3.50%.
Based on the most recent information provided by Xeneta, a company based in Oslo, certain trade routes continue to have prices significantly higher than those before the pandemic. Recent long-term agreements for specific routes are now more than 100% pricier compared to equivalent contracts in 2019.
Turkey iShares MSCI ETF (TUR - Free Report) – Up 9.8%
The underlying MSCI Turkey IMI 25/50 Index is a free float-adjusted market capitalization index designed to measure broad-based equity market performance in Turkey. The index consists of stocks traded primarily on the Istanbul Stock Exchange. The fund charges 58 bps in fees and yields 2.18% annually.
Following Homeland Party leader Muharrem Ince's decision to withdraw from the presidential race, the Borsa Istanbul 100 index experienced a surge of over 6%, surpassing the 4,800 level. This development is regarded as a favorable turn of events for President Erdogan's competitor, Kemal Kilicdaroglu, enhancing his prospects of winning the elections.
Notably, the banking sector spearheaded the upward movement as investors grew increasingly hopeful about the replacement of Erdogan's unconventional policies. This optimism coincided with the country grappling with a staggering 43.7% inflation rate, a historically weak lira, and the aftermath of a devastating earthquake earlier this year, per tradingeconomics.
US Natural Gas Fund (UNG - Free Report) – Up 7.6%
The Natural Gas Price Index is the futures contract on natural gas as traded on the NYMEX. The United States Natural Gas ETF LP is an exchange-traded security designed to track in percentage terms the movements of natural gas prices. The expense ratio of the fund is 1.11%.
Reduced natural gas output in Canada triggered short-covering in natural gas futures last week. A total of 102 wildfires were burning in Alberta, with 27 regarded as out of control. That has resulted in the shutdown of many oil and natural gas wells and pipeline systems in western Canada.
Sprott Lithium Miners ETF (LITP - Free Report) – Up 7.2%
The underlying Nasdaq Sprott Lithium Miners Index seeks to track the performance of companies that derive at least 50% of their revenues and assets from mining, exploration, development, or production of lithium. The fund charges 65 bps in fees.
Lithium carbonate prices increased past CNY 200,000 per ton, extending its turnaround amid renewed optimism for electric battery demand. Fresh data revealed that both NEV sales and output in China surged 110% year on year in April, lowering concerns about poor demand levels at the start of the year.
Spear Alpha ETF (SPRX - Free Report) – Up 5.7%
This ETF is active and does not track a benchmark. The Spear Alpha ETF invests in companies poised to benefit from breakthrough trends in industrial technology.
Industrial technology has experienced remarkable growth in recent years, driven by advancements in automation, robotics, IoT, artificial intelligence, and renewable energy solutions. These developments have revolutionized manufacturing processes, improving productivity, quality control, and worker safety. Additionally, additive manufacturing and nanotechnology are driving innovation and the development of new products and materials. This rapid growth in industrial technology is reshaping industries, fostering innovation, and contributing to economic growth.