Wall Street put up an upbeat show last week on hopes of a resolution to the Iran-U.S. conflict. The State Street SPDR S&P 500 ETF TrustSPY gained 4.8%, the State Street SPDR Dow Jones Industrial Avg ETF TrustDIA advanced about 3.8%, the Nasdaq-100 based product Invesco QQQ Trust, Series 1QQQ jumped 6.4% and the small-cap fund iShares Russell 2000 ETFIWM returned gains of about 6%.

Meanwhile, United States Brent Oil Fund LPBNO slumped 10.5% last week as President Donald Trump signaled that the ongoing Iran conflict could end soon, boosting optimism about easing supply disruptions in the region.

Note that the activity in the Strait of Hormuz – a vital route connecting the Persian Gulf to global markets – remains largely stalled as the conflict entered its seventh week. The United States has imposed a blockade on Iranian traffic, while Tehran has restricted access for most other vessels.

Some analysts are of the view that the ongoing Middle East tensions are priced into the current market. Market participants appear to view recent developments as part of broader negotiation tactics rather than a lasting escalation, as mentioned in a CNBC article.

Upbeat Earnings Season in Focus

Meanwhile, we are off to a strong start to the Q1 earnings season, with companies not only comfortably surpassing consensus estimates but also offering a reassuring outlook on the economy despite elevated energy costs and other risks. Early in the reporting cycle, the momentum is especially evident on the revenue front, both in terms of growth rates and the magnitude of positive surprises.

Winning ETFs in Focus

Against this backdrop, below we highlight a few winning exchange-traded funds (ETFs) that surged last week.

Bitwise Bitcoin Standard Corporations ETFOWNB – Up 20.0%

With Bitcoin prices gaining slightly last week and risk-on sentiment returning to the broader market, OWNB likely benefited from the market rebound.The underlying Bitwise Bitcoin Standard Corporations Index pf the fund provides exposure to the performance of corporations that have adopted the bitcoin standard. Such corporations are those that hold bitcoin as a corporate treasury asset.

Roundhill Meme Stock ETFMEME – Up 19.4%

The Roundhill Meme Stock ETF seeks to provide capital appreciation.Meme stocks represent a unique force in today’s markets, where retail participation and rapid sentiment shifts play the role. Upbeat momentum in the market last week probably pushed the ETF higher.

Global X Hydrogen ETFHYDR – Up 18.7%