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Wall Street has been upbeat in the first half of 2023, with the S&P 500, the Nasdaq and the Dow Jones gaining about 13.3%, 29% and 1.8%, respectively. Better-than-expected corporate earnings and the AI boom have been the key trends in the first half. Though the Fed was viewed as less-hawkish initially, rising rate worries resurfaced in June.
Against this backdrop, below, we highlight a few ETF areas that jumped at least 40% so far this year.
The cryptocurrency ETFs experienced a rebound in the first half of 2023. Bitcoin broke through the $31,000 mark amid growing bullish sentiment. The filing of spot ETF applications by renowned asset managers like Blackrock, WisdomTree and Invesco fueled a growing interest in cryptocurrencies from institutional and corporate clients. Growing institutional adoption, expected bitcoin having in 2024 and cheaper valuation also played a key role in boosting cryptocurrency-related funds this year.
World ETFs
SoFi Web 3 ETF – Up 52.2%
The underlying SoFi Solactive ARTIS Web 3.0 Index tracks the equity securities of publicly-traded U.S. & non-U.S. companies in developed & emerging markets based on the provision of products & services that potentially stand to benefit from the adoption & usage of technologies expected to grow & support the functioning of the anticipated third generation of Internet services for websites & applications.
Growth
UBS AG FI Enhanced Large Cap Growth ETN (FBGX - Free Report) – Up 52.1%
A less-hawkish Fed has resulted in the rally in growth stocks, which are companies growing at above-average rates compared to others in their industry. After a bull run from 2020 to 2021 that witnessed many growth stocks jumping in value, 2022 served as a harsh reminder of their volatile nature. Fortunately, 1H of 2023 turned promising for growth stocks.
Semiconductors have been the most important drivers of the overall growth in technology, given the use of chips in day-to-day life, from cars, electronic gadgets to planes and weapons. The demand is especially driven by the increased digitization in various corners like healthcare, transport, financial systems, defense, agriculture and retail, among others. The AI boom has been a plus for the space. Nvidia’s super-upbeat Q1 results and guidance acted as a cornerstone for the entire semiconductor industry (read: Chip ETFs on Track for Their Best First Half on Record).
Nigeria
Global X MSCI Nigeria ETF – Up 43.0%
Nigeria stocks soared to a 15-year high due to the oustering of central bank governor Godwin Emefiele. Investors betting on a currency devaluation sent the main index of the Nigerian Exchange soaring, per Bloomberg.
Sugar futures rose to the highest level since January 2017, thanks to a stronger Brazilian real as well as a supply crunch. Plus, inclement weather in key producing countries like Brazil, Thailand, Australia, and Central America also delayed harvests and boosted sugar prices.
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6 ETF Areas Up At Least 40% in the First Half
Wall Street has been upbeat in the first half of 2023, with the S&P 500, the Nasdaq and the Dow Jones gaining about 13.3%, 29% and 1.8%, respectively. Better-than-expected corporate earnings and the AI boom have been the key trends in the first half. Though the Fed was viewed as less-hawkish initially, rising rate worries resurfaced in June.
Against this backdrop, below, we highlight a few ETF areas that jumped at least 40% so far this year.
Cryptocurrency
Valkyrie Bitcoin Miners ETF (WGMI - Free Report) – Up 190.4%
VanEck Digital Transformation ETF (DAPP - Free Report) – Up 143.1%
Global X Blockchain ETF (BKCH - Free Report) – Up 126.5%
The cryptocurrency ETFs experienced a rebound in the first half of 2023. Bitcoin broke through the $31,000 mark amid growing bullish sentiment. The filing of spot ETF applications by renowned asset managers like Blackrock, WisdomTree and Invesco fueled a growing interest in cryptocurrencies from institutional and corporate clients. Growing institutional adoption, expected bitcoin having in 2024 and cheaper valuation also played a key role in boosting cryptocurrency-related funds this year.
World ETFs
SoFi Web 3 ETF – Up 52.2%
The underlying SoFi Solactive ARTIS Web 3.0 Index tracks the equity securities of publicly-traded U.S. & non-U.S. companies in developed & emerging markets based on the provision of products & services that potentially stand to benefit from the adoption & usage of technologies expected to grow & support the functioning of the anticipated third generation of Internet services for websites & applications.
Growth
UBS AG FI Enhanced Large Cap Growth ETN (FBGX - Free Report) – Up 52.1%
Spear Alpha ETF (SPRX - Free Report) – Up 50.5%
A less-hawkish Fed has resulted in the rally in growth stocks, which are companies growing at above-average rates compared to others in their industry. After a bull run from 2020 to 2021 that witnessed many growth stocks jumping in value, 2022 served as a harsh reminder of their volatile nature. Fortunately, 1H of 2023 turned promising for growth stocks.
Semiconductor
VanEck Semiconductor ETF (SMH - Free Report) – Up 45.4%
Semiconductors have been the most important drivers of the overall growth in technology, given the use of chips in day-to-day life, from cars, electronic gadgets to planes and weapons. The demand is especially driven by the increased digitization in various corners like healthcare, transport, financial systems, defense, agriculture and retail, among others. The AI boom has been a plus for the space. Nvidia’s super-upbeat Q1 results and guidance acted as a cornerstone for the entire semiconductor industry (read: Chip ETFs on Track for Their Best First Half on Record).
Nigeria
Global X MSCI Nigeria ETF – Up 43.0%
Nigeria stocks soared to a 15-year high due to the oustering of central bank governor Godwin Emefiele. Investors betting on a currency devaluation sent the main index of the Nigerian Exchange soaring, per Bloomberg.
Sugar
Teucrium Sugar Fund (CANE - Free Report) – Up 42.3%
Sugar futures rose to the highest level since January 2017, thanks to a stronger Brazilian real as well as a supply crunch. Plus, inclement weather in key producing countries like Brazil, Thailand, Australia, and Central America also delayed harvests and boosted sugar prices.