Top exchange-traded funds (ETFs) offer investors a convenient, diversified, and cost-effective way to invest across various asset classes. ETFs operate as an investment fund that holds a portfolio of securities, usually tracking the performance of a particular index, commodity, bond, or a basket of assets. Larger funds are highly liquid and can be bought and sold on stock exchanges similarly to stocks.

Below, we outline five top equity, bond, fixed income, commodities, and currency ETFs that have provided investors with the greatest returns over the last month, excluding inverse and leveraged ETFs as well as funds with less than $50 million in assets under management (AUM). All data below is as of Sept. 21.

Equity ETF with the Best 1-Month Return: AdvisorShares Pure US Cannabis ETF (MSOS)

• Performance 1 Month: 63.71%
• Expense Ratio: 0.8%
• Annual Dividend Yield: N/A
• 30-Day Average Daily Volume: 6,111,718
• Assets Under Management: $646.21 million
• Inception Date: Sept. 1, 2020
• Issuer: AdvisorShares

MSOS provides exposure to a small portfolio of stocks or swap contracts primarily related to the U.S. cannabis and hemp industry.

The fund’s top holdings, which carry a cumulative 55.49% weighting, are swap contracts in medical and adult-use operator Green Thumb Industries Inc. (GTBIF), cultivation and production company Curaleaf Holdings, Inc. (CURLF), and vertically integrated multistate cannabis operator Verano Holdings Corp. (VRNOF). The fund benefited last month from the U.S. Department of Health and Human Services' proposal to reclassify cannabis as a lower-risk substance, raising hopes of federal legalization.

Bond ETF with the Best 1-Month Return: iShares Interest Rate Hedged Corporate Bond ETF (LQDH)

• Performance 1 Month: 1.78%
• Expense Ratio: 0.25%
• Annual Dividend Yield: 5.94%
• 30-Day Average Daily Volume: 19,936
• Assets Under Management: $255.75 million
• Inception Date: Sept. 19, 2013
• Issuer: BlackRock

LQDH tracks the BlackRock Interest Rate Hedged Corporate Bond Index, a benchmark targeting U.S. dollar-denominated, investment-grade bonds. The fund aims to capture the credit spread without interest-rate risk by selling U.S. Treasury futures.

The fund gives investors exposure to corporate bonds across various sectors, such as banking (23.33%), consumer non-cyclical (17.45%), communications (12.02%) and energy (7.5%). LQDH remained a beneficiary of robust corporate bond yields throughout September.

Fixed Income ETF with the Best 1-Month Return: Global X Variable Rate Preferred ETF (PFFV)

• Performance 1 Month: 3.14%
• Expense Ratio: 0.25%
• Annual Dividend Yield: 6.56%
• 30-Day Average Daily Volume: 47,499
• Assets Under Management: $162.55 million
• Inception Date: June 22, 2020
• Issuer: Mirae Asset Global Investments Co.

PFFV seeks to track the ICE U.S. Variable Rate Preferred Securities Index, a benchmark of variable rate U.S. preferred securities, selected and weighted by market value.

The ETF’s top three holdings include Bank of America Corp Notes with a 4.35% allocation, Goldman Sachs Group Inc. depositary shares with a 4.06% allocation, and Morgan Stanley depository shares with a 3.99% allocation. PFFV has benefited from investors seeking higher yield opportunities to offset recent stock market volatility.

Commodities ETF with the Best 1-Month Return: United States Brent Oil Fund, LP (BNO)

• Performance 1 Month: 12.44%
• Expense Ratio: 1.00%
• Annual Dividend Yield: N/A
• 30-Day Average Daily Volume: 419,295
• Assets Under Management: $176.51 million
• Inception Date: June 2, 2010
• Issuer: Marygold

BNO provides exposure to Brent crude oil, an alternative to West Texas Intermediate (WTI) crude, by holding front-month futures contracts traded on the Intercontinental Futures Exchange (ICE).

Investors should note that the fund is structured as a commodities pool. As such, any capital gains realized are taxed at a 60% long-term and 40% short-term rate irrespective of the holding period. BNO has gained throughout September on the back of rising oil prices.

Currency ETF with the Best 1-Month Return: Invesco DB US Dollar Index Bullish Fund (UUP)

• Performance 1 Month: 2.16%
• Expense Ratio: 0.78%
• Annual Dividend Yield: 0.85%
• 30-Day Average Daily Volume: 1,234,364
• Assets Under Management: $492.35 million
• Inception Date: Feb. 20, 2007
• Issuer: Invesco

UUP aims to track the performance of the DB Long USD Currency Portfolio Index. The underlying benchmark reflects changes in value of the greenback relative to a basket of global currencies via USDX future contracts.

The fund shorts the euro (EUR), Japanese yen (JPY), British pound (GBP), Canadian dollar (CAD), Swedish krona (SEK), and Swiss franc (CHF), while taking a long position in the U.S. dollar. UUP has topped performance among currency ETFs over the last few months amid higher interest rates in the U.S. relative to its key trading partners.

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As of the date this article was written, the author did not own any of the above ETFs.