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ETF Trends reported that most of the exchange-traded funds that achieved new all-time highs on Friday were related to the biotechnology sector.
ETF Trends reported that most of the exchange-traded funds that achieved new all-time highs on Friday were related to the biotechnology sector.
As quoted in the market news:
Today’s new all-time high club is comprised of four of the five major non-leveraged biotech ETFs, the ProShares Ultra Nasdaq Biotechnology (NasdaqGM: BIB), thedouble-leveraged equivalent of theiShares Nasdaq Biotechnology ETF (NasdaqGM: IBB), and two other health care-related ETFs.
One of those other two ETFs is the PowerShares Dynamic Pharmaceuticals Portfolio (NYSEArca: PJP). Up about 0.8% today, PJP has not only hit a fresh all-time high, but the ETF is closing in on a weekly gain of nearly 6%. Not surprisingly, the ETF’s biotech exposure is proving rewarding.