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Hottest ETFs of 1H 2024
Stocks continue their uptrend after a blockbuster first half, fueled by AI enthusiasm, a resilient US economy, improving corporate earnings, and signs of cooling inflation.
The S&P 500 was up around 15% and hit 31 record highs, while the Nasdaq Composite soared 19% in the first half of 2024.
At the beginning of the year, many experts had predicted a broadening of the rally, but that didn’t happen. In fact, NVIDIA (NVDA - Free Report) has accounted for about a third of the S&P 500’s gains in 2024.
NVIDIA’s blistering surge encouraged many to make leveraged bets on the stock. The GraniteShares 2x Long NVDA Daily ETF (NVDL - Free Report) started the year with about $200 million in assets and now has close to $5 billion AUM.
The approval of spot Bitcoin ETFs marked a monumental event for digital assets and the ETF industry. Investor adoption has been record-breaking, and the iShares Bitcoin Trust (IBIT - Free Report) dethroned the Grayscale Bitcoin Trust (GBTC - Free Report) to become the world’s largest Bitcoin fund.
GBTC, however, benefitted not only from the cryptocurrency’s surge but also from the disappearance of its discount to NAV. It operated more like a closed-end fund before conversion and often traded at a significant discount or premium to its NAV.
The incredible rally in NVIDIA supercharged semiconductor ETFs. As other tech giants also gained, technology and momentum-focused funds did quite well.
To learn more about the VanEck Semiconductor ETF (SMH - Free Report) , Roundhill Magnificent Seven ETF (MAGS - Free Report) and Invesco S&P 500 Momentum ETF (SPMO - Free Report) , please watch the short video above.