After logging its worst first-half performance in decades on Russia’s invasion of Ukraine, tightening monetary policy and surging prices, the U.S. stock market was off to a strong start in July. A strong jobs report and drop in commodity prices brought back the lure for riskier assets. All the three main indexes logged gains in the winning week.
While the rally was broad-based,the technology sector led the way higher, with most ETFs gaining in double digits. These include First Trust SkyBridge Crypto Industry & Digital Economy ETF CRPT, iShares Blockchain and Tech ETF IBLC, VanEck Digital Assets Mining ETF DAM, VanEck Vectors Digital Transformation ETF DAPP and Bitwise Crypto Industry Innovators ETF BITQ.
Job growth accelerated at a much faster pace than expected in June, indicating the strength in the labor market. The U.S. economy added 372,000 jobs in June, easing worries of an impending recession. The unemployment rate was 3.6%, while average hourly earnings grew 5.1% in June from a year earlier.
The latest Fed minutes showed that the central bank is committed to bringing down inflation, This raised investors’ confidence (read: Play Dirt-Cheap Dividend ETFs to Fight More Fed Rate Hikes).
Notably, the Nasdaq Composite Index outperformed last week, climbing 4.6%. It rose for five consecutive days last week for the first time this year. Meanwhile, the S&P 500 gained 1.9% and the Dow Jones Industrial Average added a modest 0.8% rise.
First Trust SkyBridge Crypto Industry and Digital Economy ETF (CRPT) – Up 19.7%
First Trust SkyBridge Crypto Industry and Digital Economy ETF is designed to provide exposure to companies that SkyBridge views are driving cryptocurrency, crypto assets and digital economies related innovation. SkyBridge identifies securities primarily via “bottom up” research focused on finding companies leading in the crypto industry ecosystem.
First Trust SkyBridge Crypto Industry holds 30 stocks in its basket and charges 85 bps in fees per year from investors. It has amassed $19.3 million in its asset base and trades in an average daily volume of 97,000 shares.
iShares Blockchain and Tech ETF (IBLC) – Up 19.3%
iShares Blockchain and Tech ETF seeks exposure to a wide variety of companies that are involved in the development, innovation, and utilization of blockchain and crypto technologies. It follows the NYSE FactSet Global Blockchain Technologies Index and holds 33 stocks in its basket (read: Bitcoin to Soar 40% to $28K by Year-End? ETFs to Play).
iShares Blockchain and Tech ETF has gathered $4.6 million in its asset base and charges 47 bps in annual fees. It trades in a volume of 8,000 shares per day on average.
VanEck Digital Assets Mining ETF (DAM) – Up 19%
VanEck Digital Assets Mining ETF follows the MVIS Global Digital Assets Mining Index, which measures the performance of companies that are participating in the digital assets mining economy. It holds 25 stocks in its basket, with each accounting for less than 6.5% of assets. American firms take the largest share at 56.1%, while Canada and China round off the next two countries.
VanEck Digital Assets Mining ETF has accumulated $1.2 million in its asset base since its debut in late March. It charges 50 bps in annual fees and trades in an average daily volume of under 1,0000 shares.
VanEck Vectors Digital Transformation ETF (DAPP) – Up 18.6%
VanEck Vectors Digital Transformation ETF aims to offer exposure to companies that are at the forefront of the digital asset transformation, such as digital asset exchanges, payment gateways, digital asset mining operations, software services, equipment and technology or services to the digital asset operations, digital asset infrastructure businesses or companies facilitating commerce with the use of digital assets. VanEck Vectors Digital Transformation ETF tracks the MVIS Global Digital Assets Equity Index and holds 25 securities in its basket.
VanEck Vectors Digital Transformation ETF charges 50 bps in annual fees and trades in an average daily volume of 122,000. DAPP has accumulated $24.2 million in its asset base (read: Best & Worst Performing ETFs of 1H22).
Bitwise Crypto Industry Innovators ETF (BITQ) – Up 18.5%
Bitwise Crypto Industry Innovators ETF offers exposure to the companies leading the new crypto economy. It tracks the Bitwise Crypto Innovators 30 Index, which measures the performance of the companies involved in servicing the cryptocurrency markets, including crypto mining firms, crypto mining equipment suppliers, crypto financial services companies, or other financial institutions servicing primarily crypto-related clientele.
Holding 30 stocks in its basket, Bitwise Crypto Industry Innovators ETF is concentrated on the top three firms with nearly double-digit exposure each. It charges 85 bps in annual fees from investors and trades in an average daily volume of 162,000 shares. Bitwise Crypto Industry Innovators ETF has attracted $50.7 million in its asset base.
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VanEck Digital Transformation ETF (DAPP): ETF Research Reports
Bitwise Crypto Industry Innovators ETF (BITQ): ETF Research Reports
First Trust SkyBridge Crypto Industry and Digital Economy ETF (CRPT): ETF Research Reports
VanEck Digital Assets Mining ETF (DAM): ETF Research Reports
iShares Blockchain and Tech ETF (IBLC): ETF Research Reports
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