The stock market remained upbeat last week, with the S&P 500, Dow Jones, and Nasdaq Composite showing modest gains. In parallel, several single stock inverse and leveraged ETFs delivered impressive returns.
These funds allow traders to amplify their exposure to specific stocks or bet against them. Here are the top five single stock ETFs that ruled the market last week, including those linked to Uber, Tesla, and MicroStrategy.
Top 5 Performing ETFs
Defiance Daily Target 1.75x Long MSTR ETF (MSTX) – Up 35.9%
MicroStrategy shares surged by 18% last week, with the biggest jump on October 11, 2024. MSTX, which leverages gains in MicroStrategy stock, returned an impressive 35.9%.
Key Driver: The company’s Bitcoin-centered strategy has continued to fuel investor optimism, propelling the stock higher.
GraniteShares 2x Long UBER Daily ETF (UBRL) – Up 33.3%
Uber’s stock soared following Tesla’s less-than-anticipated robotaxi event. UBRL, a leveraged ETF focused on Uber, gained 33.3% last week.
Key Driver: Uber shares jumped after Tesla’s event failed to deliver on crucial details regarding its ridesharing platform, allowing competitors like Uber to benefit.
Defiance Daily Target 2x Long SMCI ETF (SMCX) – Up 30.6%
Super Micro Computer (SMCI) shares increased 15% last week, driving the SMCX ETF up 30.6%. The company’s strong performance was linked to the AI boom and its expansion into GPU solutions.
Tradr 2X Short TSLA Daily ETF (TSLQ) – Up 28.5%
Tesla shares slumped by 8.8% after its highly anticipated robotaxi unveiling disappointed analysts. TSLQ, a short ETF, gained 28.5% as Tesla’s stock faltered.
GraniteShares 2x Long PLTR Daily ETF (PTIR) – Up 17.2%
Palantir Technologies’ stock jumped 9.1% last week, benefiting the PLTR ETF with a 17.2% return. Palantir’s involvement in AI and data analytics continues to drive its stock performance.
Top 5 Performing Single Stock ETFs (October 9-13, 2024)
| ETF | Stock Tied To | Performance (%) |
|---|---|---|
| Defiance 1.75x Long MSTR ETF | MicroStrategy | +35.9% |
| GraniteShares 2x Long UBER ETF | Uber | +33.3% |
| Defiance 2x Long SMCI ETF | Super Micro Computer | +30.6% |
| Tradr 2x Short TSLA ETF | Tesla | +28.5% |
| GraniteShares 2x Long PLTR ETF | Palantir | +17.2% |
Market Sentiment
The success of these leveraged and inverse ETFs highlights investor confidence in specific market trends, including the AI boom, volatility in tech stocks like Tesla, and ongoing developments in the crypto space.
Leveraged ETFs allow investors to amplify gains on a stock’s movement, while inverse ETFs provide a way to profit from declines in share prices.
Conclusion
Leveraged and inverse ETFs have been popular tools for investors seeking outsized returns based on specific stock movements.
Last week saw impressive gains in ETFs linked to Uber, Tesla, and MicroStrategy. As market volatility continues, these funds provide unique opportunities for traders looking to capitalize on short-term trends.
Disclaimer
Inverse and leveraged ETFs carry higher risk than traditional ETFs. Consult a financial advisor before engaging in such investments.
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