The top performing exchange traded products of the year include an exchange traded note that capitalizes on contango in VIX futures and a number of growth-heavy technology exchange traded funds.

The VelocityShares VIX Short Volatility Hedged ETN (NYSEArca: XIVH) is the best performing non-leveraged ETP year-to-date, rising 50.6%, according to XTF data.

The VelocityShares VIX Short Volatility-Hedged strategy utilizes a systematic approach to investing in VIX futures that has a net long or net short volatility position that varies due to daily changes in the volatility market. Specifically, the ETN has a -70% target net volatility allocation.

XIVHs bearish take on VIX futures also benefits from contango in the VIX futures market. Funds will typically roll futures before a contract matures, typically selling low and buying a later-dated futures contract at a higher price, which may cause the funds to lose money over time. However, the short trade has helped XIVH capitalize on the negative roll in a contangoed market.

The ARK Web x.0 ETF (NYSEArca: ARKW) was the second best performer this year, gaining 46.7% year-to-date.

ARKW, the first ETF to add bitcoins to its portfolio, has benefited as the digital currency rallied this year. ARKW is an actively managed ETF that focuses on disruptive companies that help transform the market and was the first ETF to invest in bitcoins after the portfolio manager acquired publicly traded shares of Grayscales Bitcoin Investment Trust (OTCQX: GBTC), which is now the biggest component in the ARKWs underlying portfolio.

Similarly, the ARK Innovation Fund (NYSEArca: ARKK), which also includes GBTC as its largest holding, is up 44.7% year-to-date. The ARK Innovation Fund seeks to invest in the cornerstone companies included in the other three thematic funds (ARKQ, ARKW and ARKG) that further the funds focus on investing in disruptive innovation. Such companies may include ones that benefit frombig data, cloud computing, cryptocurrencies, the sharing economy, genomic sequencing, molecular medicine, agricultural biology, 3D printing, energy storage, and autonomous vehicles, according to a statement issued by ARK Investment Management.

Emerging market internet names have also been outperforming, notably Chinese internet companies. The Emerging Markets Internet & Ecommerce ETF (NYSEArca: EMQQ), which focuses on internet names, notably those that cater toward online shopping or e-commerce, increased 42.9% so far this year, and the KraneShares CSI China Internet Fund (NasdaqGM: KWEB), which is solely comprised of Chinese internet names, added 40.7%.

The emerging market internet segment has also capitalized on the renewed focus on growth-oriented stocks earlier this year, along with the search for greater value in international markets, such as developing company stocks, as the U.S. equity rally pushes into its ninth year with even pricier valuations.

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The 5 Best Performing ETFs of 2017 - ETF Trends