ETF Express: Week Ending 22 September 2023

ETF Express is Global X’s weekly coverage of the latest ETF Market Moves, Thematic Spotlight and Commodity Calls.


  • Short equity funds (BBOZ, BBUS, BEAR, SNAS) dominated the top performers chart last week despite the Fed leaving rates unchanged in its September meeting. Investors were rattled by the Fed’s hawkish comments, with Fed Chair Jerome Powell signalling rates would likely remain higher for longer, and that another hike is to be expected before the end of 2023.
  • Risk-on tech-oriented ETFs (CURE, CRYP, HGEN, HYGG, TANN) and geared equity funds (GEAR, GGUS, LNAS) were the poorest performers as the prospect of higher interest rates weighed on investor confidence.
  • There were $329.3 million in reported inflows for the week, and only $142.7 million in outflows, marking a week of net inflows for the Australian ETF industry.

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India’s Electronics Production Grows With Apple Investment

India & Emerging Markets

Apple is planning to scale up production in India by more than five-fold, to US$40 billion, over the next four to five years.1 Last fiscal year, Apple’s production in India surpassed US$7 billion, highlighting how India has risen as the leading alternative solution for global electronics companies over the past half-decade.2

This comes as rising labour costs and geopolitical tension in China have seen numerous global corporations de-risk their reliance on Chinese manufacturing. Apple is one among many adopting the “China-plus-one” philosophy.3 The recently released iPhone 15, for example, will be built at locations across both India and China, and, according to Bloomberg, plans exist for their hugely popular Apple Airpods to also begin production in India as soon as next year.4

Since 2017, only older and low-budget models were delegated to Indian production houses.5 iPhone 14’s release in 2022 marked the first time that new models were made on Indian soil.6 In January this year, Indian Commerce Minister Piyush Goyal said roughly 7% of all iPhones were manufactured in India, and Apple’s goals were to increase that number to 25% in the near future.7

India’s Ministry of Electronics and Information Technology has set the target for domestic electronics production by 2025-26 to US$300 billion, a dramatic increase from the US$102 billion seen in 2022.8 Achieving that goal will be a critical step in India’s strategy for the global stage, substituting their import economy for major growth in electronics exports – a vision the Indian government has dubbed “Make in India, Make for World”.9

Gain exposure to India’s growth with NDIA.


Crude Oil


  • Russia has indefinitely banned the export of gasoline and diesel to nearly all countries as domestic supply dwindles. With fuel prices spiking for consumers, Russia is looking to stabilise local stockpiles before re-opening exports.10


  • The Fed’s hawkish comments in their September meeting rattled global markets, sparking fears that rates may stay higher for longer, which may in turn lower oil demand.11

Gain access to oil with BCOM.



  • China’s domestic gold is trading at a record premium compared to international prices, signalling increasing demand as local investors look to hedge against the country’s struggling economy.12


  • A stronger dollar is making precious metals less appealing to investors. The US central bank held interest rates constant in its recent meeting but signalled another rate increase before the end of the year and fewer rate cuts in 2024.

Explore physical gold with GOLD.



  • China imported 2.7 million tonnes of copper ore and concentrate in August, almost 20% more than a year prior. Chinese smelters have had record level outputs this year, refining more than a million tonnes each month to meet the renewable-energy sector demand.13


  • Chinese developers tumbled as Evergrande Group’s liquidation reignited concerns over China’s ailing property sector.14 Copper demand is strongly correlated with property development in China, and the continued uncertainty surrounding local developers has dampened demand.

Explore copper with WIRE.


Forecasts are not guaranteed, and undue reliance should not be placed on them. This information is based on views held by Global X or referenced sources as at 22nd September 2023.