Market Moves: Week Ending 24 May 2024

  • Ethereum (EETH) was the best performing asset of the week as investors celebrated the SEC’s approval of 19b-4 filings allowing US exchanges such as NYSE, Nasdaq, and CBOE to list ETFs tied to the price of Ether.1 The move is a win for ETF issuers as it lays the groundwork for products to begin trading later this year, however the products themselves are yet to receive the go-ahead.
  • Clean energy ETFs (CLNE, HGEN, TANN) were also a theme among the top performers. A recent deal signed between Bloom Energy and Intel highlighted the link between hydrogen and AI, causing a rush of investor interest in the industry.2 US based solar stocks have also rallied on bullishness surrounding raised tariffs on China’s overpowering solar cell industry.3
  • Chinese large caps (IZZ) were the poorest performers last week. Investors appear to be taking profit after the stocks rallied more than 20% year-to-date, and geopolitical tensions flared in the Taiwan Strait.4
  • There were $605.3 million in reported inflows for the week and $81.4 million in outflows, marking a week of net inflow for the Australian ETF industry.

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Looking for more ETF Express content? Check out this week’s Thematic Spotlight and Commodity Calls.


Forecasts are not guaranteed and undue reliance should not be placed on them. This information is based on views held by Global X as at 28/05/2024. Investing involves risk, including the possible loss of principal. Diversification does not ensure a profit nor guarantee against a loss.

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This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information is not intended to be individual or personalised investment or tax advice and should not be used for trading purposes. Please consult a financial advisor or tax professional for more information regarding your investment and/or tax situation.