COMMENTARY The end of June also wraps up the first half of 2024 and was certainly full of surprises, not unlike a typical year. Investor sentiment shifted from wondering if the rally was sustainable to wondering how high the market could go. In fact, the S&P 500 averaged a new all-time high approximately every four days through the first half of the year. Looking forward, the second half of the year will likely continue to have surprises with an election, potentially the first (or second) rate cut by the Fed and seasonal market forces that should keep investors engaged and likely be full of surprises.
The EQM Natural Resources Dividend Income ETF (NDIV) returned 0.21% in the second quarter (Q2) of 2024 while the Morningstar Global Upstream Natural Resources Index returned only -0.90%.
The Amplify Weight Loss Drug & Treatment ETF (THNR) launched on May 21, 2024. Over that short period of time, the ETF was up 2.7% relative to a negative 1.4% return for the DJ Select Pharma TR Index.
The Amplify Online Retail ETF (IBUY) declined 4.7% in the second quarter (Q2) of 2024 while the S&P Retail Select Industry Total Return Index returned -4.5%. Over the last year, IBUY is up 3.3% vs. 4.6% for the S&P Select Retail Index.
Positioned At The Core For Transformational Change BLOK closed the quarter with a 7.83% (NAV return) rebound in the month of June and year-to-date performance of 18.66% (see standardized performance). The portfolio benefited from a massive two part $4.725 billion transformative 12-year deal with Coreweave that repriced the value of the entire Bitcoin Mining sector. This deal was highlighted in last month’s report, but Core Scientific (Core) expanded the deal late in June with an additional $1.225 billion add on deal. Other companies in the sector with the proper infrastructure to pursue HPC/AI (High Performance Computing and Artificial Intelligence) also now have plans to expand in this direction, but this sweet deal may be the strongest and is probably unique to Core. Given the excitement of the returns coming from the MAG7, Bitcoin and AI we are pleased to report that our focus on transformational companies in Blockchain and Tokenization technology delivered such strong momentum in this first half of 2024. While in this first half we are benefiting from the momentum of Core, we do not think this is a singular exponential situation. Again, investors need to think through the implications, consider the internet when it was in its nascent stage and how it completely changed industries and how people engage as consumers.
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