Here are some notable ETFs worth taking a look at for
Wednesday, October 16, 2013.
Renaissance IPO ETF (NYSE: IPO)
The second ETF to focus on recent public offerings will begin
trading today under the symbol IPO. The ETF will track the
Renaissance IPO Index and charge an expense ratio of 60 basis
A direct competitor already in the market is the First Trust
IPOX 100 Index ETF (NYSE:
). Surprisingly, FPX only has $81 million in assets even thought
it has been around for about seven years. Investors have been
missing out on a big winner because FPX has been able to triple
the return of the S&P 500 during its history.
Market Vectors Gold Miners ETF (NYSE:
A late day sell off yesterday due to the news of no deal in
D.C. sent stocks lower and gold higher as money was flowing into
the "safety" asset class. GDX closed the day up 2.8 percent and
was one of the best performers in the market.
Do not let Tuesday's rally hide the fact the ETF is down 49
percent in 2013 and was on the verge of testing a five-year low
before the late day bounce. If and when a deal gets done it is
likely the gold miners will continue to move lower with the price
Rydex CurrencyShares Australian Dollar ETF (NYSE:
The minutes from the October 1, Reserve Bank of Australia
meeting were released yesterday and it showed that the central
was open to more rate cuts, but that there was little
FXA closed up 0.15 percent yesterday to the best level in four
months on big volume. A lot of the action in the currency market
is dependent on what happens with the U.S. debt issue, so expect
increased volatility in the coming days. That being said, the
chart of FXA is looking bullish on Tuesday's breakout.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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