The technology sector, no doubt, has been leading the broad market rally and is a the clear winner this month as well. That said, ARK Web x.0 ETF ARKW has topped the list of the best performing ETFs of May, with impressive returns of about 15.6%.
The impressive rally was mainly driven by the emergence and extensive adoption of new technology such as cloud computing, big data, Internet of Things, wearables, drones, virtual reality devices and artificial intelligence. Additionally, the surge in bitcoin prices is a big boon for this disruptive companies focused ETF. This is especially true as ARKW is the first ETF to add bitcoin to its roster and the move is paying off.
Bitcoin, commonly known as a cryptocurrency, is a digital or virtual currency that uses peer-to-peer technology to facilitate instant payments. Notably, the digital currency shot up to an all-time high of above $2,700, doubling its value since the start of May.
Let’s take a closer look at the fundamentals of ARKW.