Following last week’s macroeconomic developments — such as the July jobs report — it’s worth taking a look at near-term ETF performance. Tracking top-performing funds allows advisors and investors to see what thematic strategies are resonating in the market.

Key Takeaways:

• Last week saw a wide selection of State Street ETFs post compelling returns.
• The top-performing funds covered sectors ranging from metals & mining, semiconductors, and various areas of aerospace and defense.
• This diverse mix of themes shows that advisors and investors have a wider opportunity set for navigating the macroeconomic landscape.

State Street saw strong performance across its ETF library last week, spanning an interestingly diverse range of sectors.

Metals & Mining Led the Pack

Among State Street’s ETF suite, the State Street SPDR S&P Metals & Mining ETF (XME) saw the strongest performance last week. As of August 7, 2026, the fund gained 14.99% over the past week.

Momentum in the metals mining space isn’t a shock. Not only did enthusiasm grow over the Strait of Hormuz potentially reopening soon, but the U.S. also announced plans to invest $3 billion in critical minerals and battery projects. Both of these macroeconomic factors work very well in favor of XME’s portfolio.

See More: July Fed Meeting Strengthens Case for Short Duration Bonds

Semiconductors Show the Best is Yet to Come

Of course, XME wasn’t the only fund to have a good week. The State Street SPDR S&P Semiconductor ETF (XSD) grew 11.73% over the same period.

Sure, semiconductor stocks did struggle in July amid a significant selloff, but the companies certainly seem to be back on the menu. This renewed momentum comes after mega cap tech names like Microsoft and Amazon reignite Wall Street’s AI enthusiasm, providing a direct boost to the many chipmaker companies within XSD.

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Opportunities Persist for Aerospace & Defense

State Street’s aerospace- and defense-focused ETFs also posted strong results last week. The State Street SPDR S&P Kensho Final Frontiers ETF (ROKT) grew by 8.93%, the State Street SPDR S&P Kensho Future Security ETF (FITE) rose by 8.72%, and the State Street SPDR S&P Aerospace & Defense ETF (XAR) was up 8.29%.

The aerospace and defense sector is broadly benefiting from a few different tailwinds. Demand remains strong on a global scale due to the Iran conflict, and President Trump’s $3 critical minerals and battery project investment is being done in part to bolster the defense sector.

What these five funds illuminate is that advisors and investors have plenty of different tools for playing near-term momentum from trends, especially through thematic approaches. Whether one wants to lean into metals, mining, semiconductors, aerospace, defense, or all of the above, State Street’s ETF lineup shows there are plenty of opportunities across multiple themes to be had in August.

For more news, information, and analysis, visit the Equity ETF Content Hub.