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Wall Street was upbeat last week, with the S&P 500, the Dow Jones and the Nasdaq Composite gaining more than 2.4%, 2.3% and 3.3%, respectively. The rally was mainly driven by moderating U.S. inflation, which lessened the chances of steep Fed rate hikes from here. Moreover, U.S. recessionary fears are ebbing. The S&P 500 also reclaimed its 4,500 mark after 15 months. Against this backdrop, we highlight a few top-performing ETFs of last week.
ETF Areas in Focus
MLPs
Credit Suisse S&P MLP Index ETN ) – Up 17.6%
The 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 these. An oil price rally probably helped this product rally last week.
Crypto-Based ETFs
VanEck Digital Transformation ETF (DAPP - Free Report) ) – Up 16.0%
Coinbase’s arguments in its legal case against the U.S. Securities and Exchange Commission strengthened after a key court ruling went partially in favor of cryptocurrency firm Ripple, the U.S. exchange’s legal chief told CNBC on Friday. Moreover, the overall environment for cryptocurrency investing has been bullish in recent times as several issuers have been trying to launch bitcoin ETFs.
Notably, a U.S. judge ruled that XRP token purchases via exchanges were not securities transactions. The SEC prosecuted Ripple, the company behind the XRP token, in 2020, alleging that the company broke securities laws.
Silver Mining
ETFMG Prime Junior Silver Miners (SILJ - Free Report) ) – Up 11.3%
Invesco DB US Dollar Index Bullish Fund (UUP - Free Report) lost 1.9% last week due to falling inflation as well as chances of further Fed rate hikes. As the greenback fell, silver prices jumped, as evident from the 8.6% surge in iShares Silver Trust (SLV - Free Report) . Along with being a precious metal, silver acts as an industrial metal too. As global slowdown fears are falling, silver prices charged up more than sold. As a result, silver mining stocks and ETF surged last week because mining stocks often act as leveraged plays of the underlying metal.
ARKK is an actively managed ETF that seeks long-term growth of capital by investing under normal circumstances primarily (at least 65% of its assets) in domestic and foreign equity securities of companies that are relevant to the fund’s investment theme of disruptive innovation. As chances of higher rates fell following a dip in inflation, high-growth ETFs like ARKK surged.
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Top-Performing ETFs of Last Week Up At Least 10%
Wall Street was upbeat last week, with the S&P 500, the Dow Jones and the Nasdaq Composite gaining more than 2.4%, 2.3% and 3.3%, respectively. The rally was mainly driven by moderating U.S. inflation, which lessened the chances of steep Fed rate hikes from here. Moreover, U.S. recessionary fears are ebbing. The S&P 500 also reclaimed its 4,500 mark after 15 months. Against this backdrop, we highlight a few top-performing ETFs of last week.
ETF Areas in Focus
MLPs
Credit Suisse S&P MLP Index ETN ) – Up 17.6%
The 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 these. An oil price rally probably helped this product rally last week.
Crypto-Based ETFs
VanEck Digital Transformation ETF (DAPP - Free Report) ) – Up 16.0%
Coinbase’s arguments in its legal case against the U.S. Securities and Exchange Commission strengthened after a key court ruling went partially in favor of cryptocurrency firm Ripple, the U.S. exchange’s legal chief told CNBC on Friday. Moreover, the overall environment for cryptocurrency investing has been bullish in recent times as several issuers have been trying to launch bitcoin ETFs.
Notably, a U.S. judge ruled that XRP token purchases via exchanges were not securities transactions. The SEC prosecuted Ripple, the company behind the XRP token, in 2020, alleging that the company broke securities laws.
Silver Mining
ETFMG Prime Junior Silver Miners (SILJ - Free Report) ) – Up 11.3%
Invesco DB US Dollar Index Bullish Fund (UUP - Free Report) lost 1.9% last week due to falling inflation as well as chances of further Fed rate hikes. As the greenback fell, silver prices jumped, as evident from the 8.6% surge in iShares Silver Trust (SLV - Free Report) . Along with being a precious metal, silver acts as an industrial metal too. As global slowdown fears are falling, silver prices charged up more than sold. As a result, silver mining stocks and ETF surged last week because mining stocks often act as leveraged plays of the underlying metal.
Gold Mining
Sprott Junior Gold Miners ETF (SGDJ - Free Report) ) – Up 11.2%
In line with the decline in theU.S. dollar, gold prices jumped, as evidenced by the 1.5% uptick in the SPDR Gold Shares (GLD - Free Report) . As a result, gold mining stocks and ETF surged last week (read: 5 Leveraged ETFs That Gained More Than 45% in Second Quarter).
High-Growth
ARK Innovation ETF (ARKK - Free Report) ) – Up 11.1%
ARKK is an actively managed ETF that seeks long-term growth of capital by investing under normal circumstances primarily (at least 65% of its assets) in domestic and foreign equity securities of companies that are relevant to the fund’s investment theme of disruptive innovation. As chances of higher rates fell following a dip in inflation, high-growth ETFs like ARKK surged.