Best ETFs in Canada: Tech Stocks & Semiconductor ETFs (Nov 15-19)
A list of the top 5 ETFs based on performance for the week of November 15 to November 19, 2021
The top five best performing ETFs in Canada for the week of November 15th to 19th were in the technology and semiconductor space, according to Trackinsight data.
Holiday Shopping and COVID-19 restrictions are swaying the market
Tech giants Apple, Amazon, Microsoft and Nvidia surged during the week. The tech giants pushed S&P 500 and Nasdaq beyond their record highs. But economically sensitive companies like energy, financial and industrial shares fell.
On the other side of the Atlantic, fears of COVID-19 restrictions and lockdowns emerged. Austria is imposing a new COVID-19 lockdown this fall. Restrictions will include everyone, including the unvaccinated, to combat new waves of infections. Concerns are being raised that Germany will follow suit. The unsettling European markets prompted investors' interest in "stay-at-home" trades, tech included. Such trades include areas of the market fare well with low rates environments.
The Metaverse wave continues
On the semiconductors' front, the online realm has captured attention following Facebook's redirection (Metaverse). The company said it will boost capital expenditures and redirect from social media.
Nvidia launched Omniverse Enterprise, to keep up with the Metaverse wave. This is a set of software tools designed to help companies collaborate when building metaverse. The aim of this move is to combine the computing power of all companies in the space using chips by Nvidia. On the supply chain's end, it seems that the company is successfully avoiding the global chip crunch.
Moreover, semiconductor stocks rallied as several chipmakers reported solid earnings. Optimism around Facebook's Metaverse is putting upward pressure on chips demand. This resulted in Philadelphia Semiconductor Sector Index surging remarkably and closing high.
Trackinsight data reveals that the top five performing ETFs (excluding inverse and leveraged ETFs) in Canada last week were funds in the technology and semiconductor space.
Top 5 ETFs of the week in Canada
Invesco NASDAQ 100 Index ETF - CAD: 3.16%
BMO NASDAQ 100 Equity Index ETF - CAD: 2.73%
Horizons Global Semiconductor Index ETF - CAD: 2.59%
Harvest Tech Achievers Growth & Income ETF - CAD: 2.33%
BMO Nasdaq 100 Equity Index ETF - USD: 2.29%
