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ETF Trends reported that biotechnology exchange-traded funds “have been surprisingly firm” in October. In fact, five have reached new all-time highs.
ETF Trends reported that biotechnology exchange-traded funds “have been surprisingly firm” in October. In fact, five have reached new all-time highs.
As quoted in the market news:
The iShares Nasdaq Biotechnology ETF (NasdaqGM: IBB), Market Vectors Biotech ETF (NYSEArca: BBH), First Trust NYSE Arca Biotechnology Index Fund (NYSEArca:FBT), PowerShares Dynamic Biotechnology & Genome Portfolio (NYSEArca:PBE) and the ProShares Ultra Nasdaq Biotechnology (NasdaqGM: BIB). BIB is the double-leveraged equivalent of IBB, the largest biotech ETF.
In a sign of their temerity, BBH, FBT, IBB and the PBE entered Thursday with an average October gain of 2.5%. Some recent strength in small-caps has propel the equal-weight SPDR S&P Biotech ETF (NYSEArca: XBI) to an October gain of 3.5%. All that while the S&P 500 came into Thursday with an October loss of 1%. XBI needs to gain another 4.5% to reach its all-time high.
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