LIVE MARKETS-Pot and Solar: the ETFs smoking the S&P 500 this quarter
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POT AND SOLAR: THE ETFS SMOKING THE S&P 500 THIS QUARTER
Cannabis and solar companies look set to shine into quarter-end, each rallying on its own set of drivers.
Up nearly 82% in Q3, the AdvisorShares Pure US Cannabis ETF MSOS.P is closing in on a record quarterly jump, with nine sessions still to trade.
The actively managed MSOS fund that focuses on U.S.-listed weed companies, has surged following comments from President Donald Trump that his administration is looking at reclassifying marijuana as a less dangerous drug.
The move could potentially ease criminal penalties and reshape the industry's federal standing. It would also remove the tax burden which denies standard business deductions to cannabis companies.
The decision rests with the Drug Enforcement Administration, which will determine if rescheduling happens.
Meanwhile, Invesco solar ETF TAN.P has soared about 25% quarter-to-date (QTD) lifted by growing bets of lower interest rates and favorable-than-expected subsidy rules.
Last month, The U.S. Treasury Department last month unveiled rules for how solar and wind projects can qualify for federal tax subsidies, which many analysts viewed as supportive.
Lower rates also reduce the cost of solar projects, making it a cheaper investment for homeowners, leading to a rise in demand for solar products.
Both ETFs are far outpacing the benchmark S&P 500's .SPX 6.4% rise QTD.
(Medha Singh)
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Cannabis and solar stocks stocks YTD
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