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Best ETFs of Past Week

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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), 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.

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 ETFs of past week (as of Nov 27, 2023).

ETFs in Focus

Breakwave Dry Bulk Shipping ETF (BDRY - Free Report) ) – Up 21.0%

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%.

Global X MSCI Argentina ETF (ARGT - Free Report) ) – Up 7.5%

The underlying MSCI All Argentina 25/50 Index is designed to measure equity performance of the top 20 companies within the investable universe of Argentina domiciled companies or companies that have substantial revenues or assets in Argentina. The fund charges 59 bps in fees.

Global X Blockchain ETF (BKCH - Free Report) ) – Up 7.1%

The underlying Solactive Blockchain Index provides exposure to companies that are positioned to benefit from further advances in the field of blockchain technology. The fund charges 50 bps in fees.

Fidelity Crypto Industry and Digital Payments ETF (FDIG - Free Report) ) – Up 6.1%

The underlying Fidelity Crypto Industry and Digital Payments Index is designed to reflect the performance of a global universe of companies engaged in activities related to cryptocurrency, related blockchain technology, and digital payments processing. The fund charges 39 bps in fees.

ETFMG Prime Junior Silver Miners Fund (SILJ - Free Report) ) – Up 5.9%

The underlying Prime Junior Silver Miners & Explorers Index provides a benchmark for investors interested in tracking public, small-cap companies that are active in silver mining exploration and production industry. The fund charges 69 bps in fees.

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