5 Best Performing ETFs in 2023 (2024)

In this article, we discuss 5 best performing ETFs in 2023. If you want to read our detailed discussion on the stock market and the performance of ETFs, head over to 10 Best Performing ETFs in 2023.

5. Valkyrie Bitcoin Miners ETF (NASDAQ:WGMI)

YTD Share Price Performance as of August 24: 158.99%

Valkyrie Bitcoin Miners ETF (NASDAQ:WGMI) is an actively managed ETF that focuses on investing in companies operating within the bitcoin mining sector. Valkyrie Bitcoin Miners ETF (NASDAQ:WGMI) was established on February 7, 2022. Its net assets presently amount to $16.2 million, and the ETF features an expense ratio of 0.75%. Valkyrie Bitcoin Miners ETF (NASDAQ:WGMI) is one of the best performing ETFs in 2023.

Valkyrie Bitcoin Miners ETF (NASDAQ:WGMI)’s largest holding is Advanced Micro Devices, Inc. (NASDAQ:AMD), a California-based semiconductor company that operates through four segments – Data Center, Client, Gaming, and Embedded. On August 1, Advanced Micro Devices, Inc. (NASDAQ:AMD) reported a Q2 non-GAAP EPS of $0.58 and a revenue of $5.36 billion, outperforming Wall Street estimates by $0.01 and $40 million, respectively.

According to Insider Monkey’s second quarter database, Advanced Micro Devices, Inc. (NASDAQ:AMD) was part of 112 hedge fund portfolios, up from 91 in the prior quarter. Philippe Laffont’s Coatue Management is a prominent stakeholder of the company, with approximately 14 million shares worth $1.6 billion.

L1 Capital International Fund made the following comment about Advanced Micro Devices, Inc. (NASDAQ:AMD) in its second quarter 2023 investor letter:

“During the June 2023 quarter the AI bubble continued to inflate. Advanced Micro Devices, Inc. (NASDAQ:AMD), as a key challenger to Nvidia, will benefit from increased demand for its next generation semiconductor chips. AMD’s share price is reflecting very bullish sentiment and the share price has run ahead of a reasonable base case valuation. Accordingly, we divested our entire position and moved AMD to our Bench.”

4. GraniteShares 1.5x Long COIN Daily ETF (NASDAQ:CONL)

YTD Share Price Performance as of August 24: 160.38%

GraniteShares 1.5x Long COIN Daily ETF (NASDAQ:CONL)’s objective is to achieve daily returns that are 1.5 times (150%) the daily percentage change in the common stock of Coinbase Global Inc. (NASDAQ:COIN), prior to fees and expenses. Coinbase Global, Inc. (NASDAQ:COIN) is a fintech company offering complete financial infrastructure and technology for the cryptocurrency economy. This ETF was founded on August 9, 2022.

3. Direxion Daily TSLA Bull 1.5X Shares (NASDAQ:TSLL)

YTD Share Price Performance as of August 24: 186.64%

Direxion Daily TSLA Bull 1.5X Shares (NASDAQ:TSLL) aims to achieve daily returns that are 150% of the positive performance and 100% of the negative performance of Tesla, Inc. (NASDAQ:TSLA)’s common shares, excluding fees and expenses. Direxion Daily TSLA Bull 1.5X Shares (NASDAQ:TSLL)’s year-to-date share price gains as of August 24 merit its inclusion on our list of the best performing ETFs in 2023.

Baron Opportunity Fund made the following comment about Tesla, Inc. (NASDAQ:TSLA) in its Q1 2023 investor letter:

“Tesla, Inc. (NASDAQ:TSLA) designs, manufactures, and sells EVs, related software and components, and solar and energy storage products. Following a sharp decline at the end of 2022, Tesla’s stock rebounded in the first quarter of 2023 on investor expectations that Tesla will continue to grow vehicle deliveries and maintain solid gross and operating margins despite a potential recession, competition in China, and vehicle price reductions. We wrote a long piece on Tesla last quarter and refer readers back to it, because for long-term investors not much has changed over the last three months. Tesla did hold its first Investor Day in March, and several Baron analysts and portfolio managers attended. We toured the Austin Gigafactory, drove in a Cybertruck, boarded a Semi truck, and spoke with a wide swath of Tesla senior managers. During the formal presentation, Tesla highlighted, among other things: (1) its broad and deep bench of executive talent supporting CEO Elon Musk; (2) its “Master Plan 3–Sustainable Energy for All of Earth,” which featured EVs, renewable power from solar and wind, and stationary electric storage; (3) its vehicle assembly innovations, including massive casted parts (building Model Y bodies with single front and rear castings, replacing a substantial number of parts and fastening steps), a stainless steel exoskeleton (for Cybertruck), and its next-generation highly efficient “unboxed process” for its next-gen $25,000 vehicle; (4) a future permanent[1]magnet electric motor that will not require any rare earths; and (5) the massive untapped market opportunity for commercial stationary electric storage, branded Megapack, as the world steadily shifts to renewable energy. As long-term shareholders, we have witnessed Tesla exploit its innovative Model 3/Y now-global mass-market platform to increase vehicle deliveries from barely a standing start to over 1.3 million units, while achieving industry-leading margins and reinforcing its iron-clad balance sheet to almost $23 billion in cash (and effectively no recourse debt). We expect Tesla’s next-generation EV and Megapack products to have a similar impact on company results.”

2. GraniteShares 1.5x Long META Daily ETF (NASDAQ:FBL)

YTD Share Price Performance as of August 24: 232.31%

GraniteShares 1.5x Long META Daily ETF (NASDAQ:FBL) seeks to achieve daily returns, before fees and expenses, that are 1.5 times (150%) the daily percentage fluctuation of Meta Platforms, Inc. (NASDAQ:META)’s common stock. The ETF was created on December 13, 2022. GraniteShares 1.5x Long META Daily ETF (NASDAQ:FBL)’s year-to-date share price gains as of August 24 classify it as one of the best performing ETFs this year.

Baron Fifth Avenue Growth Fund made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its second quarter 2023 investor letter:

“Shares of Meta Platforms, Inc. (NASDAQ:META), the world’s largest social network continued their upward trajectory, rising by 35.4% due to stabilizing revenues and ongoing improvements in margins. Meta reported continued growth in Instagram Reels adoption and other new advertising products. In addition, the company’s advancements in AI continue contributing to its targeting and measurement capabilities, while GenAI innovation presents an opportunity for new products and incremental monetization. The company also achieved a significant milestone of 3 billion daily active users across its family of apps, representing a 5% year-over-year increase. User engagement remains robust, with video content and Instagram Reels playing a significant role in user time on the platform. The monetization gap between Reels and other ad formats is steadily narrowing, and Meta anticipates it will reach revenue neutrality by late 2023 or early 2024. Meta has also reported an increase in its speed and agility of execution following the recent organizational changes and cost cuts. Longer term, we believe Meta will benefit from its leadership in mobile advertising, massive user base, innovative culture, leading GenAI research and potential distribution, and technological scale, with further monetization opportunities ahead.”

1. GraniteShares 1.5x Long NVDA Daily ETF (NASDAQ:NVDL)

YTD Share Price Performance as of August 24: 403.11%

GraniteShares 1.5x Long NVDA Daily ETF (NASDAQ:NVDL)’s primary goal is to achieve daily returns, prior to fees and expenses, that are equivalent to 1.5 times (150%) the daily percentage fluctuation of NVIDIA Corporation (NASDAQ:NVDA)’s common stock. The ETF was introduced on December 13, 2022. It is one of the best performing ETFs in 2023, with year-to-date share price gains of over 400% as of August 24.

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