Back to top

Image: Bigstock

Best ETFs of Last Week (Revised)

Read MoreHide Full Article

Wall Street delivered downbeat performances last week due to rising rates. The S&P 500 (down 1.3%), the Dow Jones (down 0.8%), the Nasdaq (down 1.9%) and the Russell 2000 (down 3.6%) – all slumped last week (read: A Guide to Higher Interest Rates and ETFs).

Worries over longer-than-expected higher interest rates have been playing foul on the stock market in recent weeks. The series of upbeat economic data as well as the latest warning from the Fed officials revived speculation that the Fed could lift interest rates again. Benchmark U.S. Treasury yields hit a high of 4.30% on Sep 6, 2023 and ended at 4.26%.

The tech giant Apple Inc. (AAPL - Free Report) shed nearly $200 billion in market value in just two days amid the reports of China planning to expand a ban on the use of iPhones to government-backed agencies and state companies. Notably, China is Apple’s third-largest market, accounting for 18% of the company’s total revenues last year (read: What Lies Ahead for Apple ETFs After iPhone Use Ban?).

WTI crude oil rose about 1.4% last week due to tightening supply conditions. Both benchmarks reached a 10-month high last week with more upside potential. Meanwhile, Indian and Japanese stocks hit 52-week highs last week (read: India ETFs Hitting 52-Week Highs: Here's Why).

The Japanese economy is showing strong expansion driven by foreign buying, a still-easy BOJ policy and a weaker yen. In particular, currency-hedged ETFs outperformed their unhedged peers as the surging U.S. dollar knocked down the returns of international investments.

Against this backdrop, below we highlight a few best-performing ETFs of last week.

ETFs in Focus

Roundhill Cannabis ETF (WEED - Free Report) ) – Up 22.1%

The Roundhill Cannabis ETF is designed to offer investors exposure to the cannabis sector. The fund charges 40 bps in fees.

Breakwave Dry Bulk Shipping ETF (BDRY - Free Report) ) – Up 9.1%

The underlying Capesize 5TC Index, Panamax 4TC Index & Supramax 6TC Index measure rates for shipping dry bulk freight. The expense ratio of the fund is 3.50%.

Simplify Tail Risk Strategy ETF ) – Up 7.1%

The Simplify Tail Risk Strategy ETF seeks to provide investors with a standalone solution for hedging diversified portfolios against severe equity market selloffs. The fund charges 84 bps in fees.

AdvisorShares Ranger Equity Bear ETF (HDGE - Free Report) ) – Up 3.8%

The AdvisorShares Ranger Equity Bear ETF seeks capital appreciation through short sales of domestically traded equity securities. The expense ratio of 4.29%.

AdvisorShares Dorsey Wright Short ETF (DWSH - Free Report) ) – Up 3.8%

The AdvisorShares Dorsey Wright Short ETF is actively-managed with an investment focus that involves buying securities that have appreciated in price more than the other securities in the investment universe and holding those securities until they underperform. The expense ratio of 2.77%.

(We are reissuing this article to correct a mistake. The original article, issued on Sep 11, 2023, should no longer be relied upon.)

Published in