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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 inverse/leveraged ETFs of last week.
The AdvisorShares MSOS 2x Daily ETF seeks daily investment results that correspond to two times the return of AdvisorShares Pure US Cannabis ETF. The fund charges 95 bps in fees.
MAX Airlines -3X Inverse Leveraged ETNs (JETD - Free Report) ) – Up 13.2%
The MAX Airlines -3X Inverse Leveraged ETNs is linked to a 3X times inverse leveraged participation in the daily performance of the Prime Airlines Index, minus the applicable fees. The fund charges 95 bps in fees.
Direxion Daily FTSE China Bear 3X Shares (YANG - Free Report) ) – Up 12.9%
The Direxion Daily FTSE China Bear 3X Shares seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the performance of the FTSE China 50 Index. The expense ratio of 1.08%.
Direxion Daily Small Cap Bear 3X Shares (TZA - Free Report) ) –11.6%
The Direxion Daily Small Cap Bear 3x Shares seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the performance of the Russell 2000. The expense ratio of 1.03%.
The Direxion Daily Semiconductor Bear 3x Shares seeks daily investment results, before fees and expenses, of 300% of the inverse of the performance of the ICE Semiconductor Index. The expense ratio of 1.02%.
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Best Inverse/Leveraged ETFs of Last Week
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 inverse/leveraged ETFs of last week.
ETFs in Focus
AdvisorShares MSOS 2x Daily ETF (MSOX - Free Report) ) – Up 38.6%
The AdvisorShares MSOS 2x Daily ETF seeks daily investment results that correspond to two times the return of AdvisorShares Pure US Cannabis ETF. The fund charges 95 bps in fees.
MAX Airlines -3X Inverse Leveraged ETNs (JETD - Free Report) ) – Up 13.2%
The MAX Airlines -3X Inverse Leveraged ETNs is linked to a 3X times inverse leveraged participation in the daily performance of the Prime Airlines Index, minus the applicable fees. The fund charges 95 bps in fees.
Direxion Daily FTSE China Bear 3X Shares (YANG - Free Report) ) – Up 12.9%
The Direxion Daily FTSE China Bear 3X Shares seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the performance of the FTSE China 50 Index. The expense ratio of 1.08%.
Direxion Daily Small Cap Bear 3X Shares (TZA - Free Report) ) –11.6%
The Direxion Daily Small Cap Bear 3x Shares seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the performance of the Russell 2000. The expense ratio of 1.03%.
Direxion Daily Semiconductor Bear 3x Shares (SOXS - Free Report) ) – Up 11.5%
The Direxion Daily Semiconductor Bear 3x Shares seeks daily investment results, before fees and expenses, of 300% of the inverse of the performance of the ICE Semiconductor Index. The expense ratio of 1.02%.