Back to top

Image: Bigstock

Best Inverse/Leveraged ETFs of Last Week

Read MoreHide Full Article

Wall Street delivered an upbeat performance last week. The S&P 500 (up 1.1%), the Dow Jones (up 1.3%), the Nasdaq Composite (up 1.0%) and the Russell 2000 (up 1.9%) — all key U.S. equity gauges were in the green last week. In fact, Wall Street experienced a four-week winning streak.

Investors eagerly awaited third-quarter fiscal 2024 results from Nvidia (NVDA - Free Report) , which came up with blockbuster numbers, demonstrating robust growth and setting new records for revenues and earnings. It topped both earnings and revenue estimates and offered a bullish revenue outlook for the current quarter on booming artificial intelligence (AI) demand for its high-powered chips (read: Nvidia Triples Revenues on AI Chip Boom: ETFs to Buy).

Then, the holiday-shortened week witnessed Thanksgiving and Black Friday — two key events for retailers.  The shopping season seems to be back in full force. Black Friday’s online sales hit a record $9.8 billion in the United States.

Meanwhile, Federal Reserve officials, in their most recent meeting, expressed little interest in cutting interest rates anytime soon, particularly as inflation remains well above their goal, according to minutes released last week, as quoted on CNBC.

At the least, they indicated that the policy would need to stay “restrictive” until data shows inflation moving back to the central bank’s 2% goal. The minutes gave no indication that members even discussed when they might start cutting rates.

As of Nov 24, 2023, the benchmark U.S. Treasury yield started the week at 4.44%, hit a weekly low of 4.41% on Nov 21, and closed the week at 4.47%. Invesco DB US Dollar Index Bullish Fund (UUP - Free Report) was down 0.6% last week.

Against this backdrop, below we highlight a few winning inverse/leveraged ETFs of last week.

ETFs in Focus

GraniteShares 1.5x Long Coinbase Daily ETF (CONL - Free Report) ) – Up 25.3%

This ETF is active and does not track a benchmark. The GraniteShares 1.5x Long COIN Daily ETF seeks daily investment results, before fees and expenses, of 1.5 times the daily percentage change of the common stock of Coinbase Global Inc. The expense ratio of the fund is 1.15%.

MicroSectors Gold Miners 3X Leveraged ETN (GDXU - Free Report) ) – Up 9.5%

The MicroSectors Gold Miners 3X Leveraged ETN is linked to three times leveraged participation in the performance of the S-Network MicroSectors Gold Miners Index. The index seeks to provide exposure to the performance of the VanEck Vectors Gold Miners ETF and the VanEck Vectors Junior Gold Miners ETF. The fund charges 95 bps in fees.

Direxion Daily Healthcare Bull 3x Shares (CURE - Free Report) ) – Up 6.7%

The fund offers thrice the exposure to the Healthcare Select Sector Index. The underlying Healthcare Select Sector Index includes companies from the following industries: pharmaceuticals, healthcare providers & services, healthcare equipment & supplies, biotechnology, life sciences tools & services, and healthcare technology. The fund charges 99 bps in fees.

Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN - Free Report) ) – Up 6.7%

The Direxion Daily Aerospace & Defense Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the Dow Jones U.S.Select Aerospace & Defense Index. The Dow Jones U.S. Select Aerospace & Defense Index attempts to measure the performance of the aerospace and defense industry in the U.S. equity market. The fund charges 97 bps in fees.

Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB - Free Report) ) – Up 6.1%

The Direxion Daily CSI China Internet Index Bull 2x Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the CSI Overseas China Internet Index. The underlying CSI Overseas China Internet Index includes securities primarily listed outside China, have been listed for at least three months and meet one of the three following criteria: the company is incorporated in mainland China; the operation center for the company is in mainland China; or at least 50% of the revenues of the company is from mainland China. The expense ratio of the fund is 1.33%.

Published in