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Market Moves: Week Ending 28 June 2024

Cybersecurity ETFs (BUGG) were thrust into the spotlight after CDK Global, a major car dealership software provider, was hacked, leaving 15,000 car retailers unable to conduct business.¹ As of July 2^nd, CDK global has yet to resolve the situation and reports suggest the company will be forced to pay tens of millions in ransom fees.²
Bitcoin ETFs (EBTC, IBTC, VBTC) were a theme across the poorest performers last week after Mt. Gox, a crypto exchange in bankruptcy proceedings, announced it would begin the liquidation of roughly 141,000 bitcoins in July.³ Gox was once the largest spot bitcoin exchange in the world but shut down in 2014 after hackers stole roughly 850,000 bitcoins using a glitch in the system.⁴
There were $478.1 million in reported inflows for the week and $121.3 million in outflows, marking a week of net inflows 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 02/07/2024. Investing involves risk, including the possible loss of principal. Diversification does not ensure a profit nor guarantee against a loss.}

^{Brokerage commissions will reduce returns.}

^{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.}

Authored by: Justin Lin

Date:
Jul 2, 2024

Category:
Reports

Topics:
ETF Express, Market Moves

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Investments in any product issued by Global X are subject to investment risk, including possible delays in repayment and loss of income and principal invested. None of Global X, the group of companies of which Mirae Asset Global Investments Co., Ltd is the parent, or their related entities, nor any respective directors, employees or agents guarantees the performance of any products issued by Global X or the repayment of capital or any particular rate of return therefrom.

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