Crypto, tech ETFs at bottom of barrel

Yasmine Raso

Senior Journalist, Financial Newswire

29 September 2022

In its first Weekly Market Monitor under its new brand, Global X revealed cryptocurrency, innovative technology and geared exchange traded funds (ETFs) have hit the bottom of the barrel for the week ending September 23.

This comes as investors continue to battle rising interest rates and attempt to reduce their exposures to riskier assets, with precious metals and miners ETFs also seeing major outflows as commodities prices fell due to the rising fears of a recession.

The best performing funds of the week were those “betting heavily against the market”, according to Evan Metcalf, CEO of Global X. These included the Global X Ultra Short Nasdaq 100 Hedge Fund (SNAS), BetaShares US Equities Strong Bear HF – Hedged (BBUS), BetaShares Strong US Dollar Hedge Fund (YANK) and BetaShares Australian Equities Strong Bear (BBOZ).

SNAS and BBUS have also topped the performance chart for year-to-date and over the past 12 months.

The monitor also showed $137 million in reported inflows and $87 million in reported outflows.

“A cash ETF – ISEC – got top gong for inflows. Cash ETFs, which invest in bank deposits, have seen surprisingly muted inflows this year – despite being one of the biggest winners from rising interest rates,” Metcalf said.