Here are some notable ETFs worth taking a look at for Wednesday, October 16, 2013.
Renaissance IPO ETF (NYSE: IPO)
Continue Reading Below
The second ETF to focus on recent public offerings will begin trading today under the symbol IPO. The ETF will track the Renaissance IPO Index and charge an expense ratio of 60 basis points.
A direct competitor already in the market is the First Trust IPOX 100 Index ETF (NYSE: FPX). Surprisingly, FPX only has $81 million in assets even thought it has been around for about seven years. Investors have been missing out on a big winner because FPX has been able to triple the return of the S&P 500 during its history.
Market Vectors Gold Miners ETF (NYSE:GDX)
A late day sell off yesterday due to the news of no deal in D.C. sent stocks lower and gold higher as money was flowing into the safety asset class. GDX closed the day up 2.8 percent and was one of the best performers in the market.
Do not let Tuesday's rally hide the fact the ETF is down 49 percent in 2013 and was on the verge of testing a five-year low before the late day bounce. If and when a deal gets done it is likely the gold miners will continue to move lower with the price of gold.
Rydex CurrencyShares Australian Dollar ETF (NYSE:FXA)
The minutes from the October 1, Reserve Bank of Australia meeting were released yesterday and it showed that the central was open to more rate cuts, but that there was little urgency.
FXA closed up 0.15 percent yesterday to the best level in four months on big volume. A lot of the action in the currency market is dependent on what happens with the U.S. debt issue, so expect increased volatility in the coming days. That being said, the chart of FXA is looking bullish on Tuesday's breakout.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.