China Technology ETF (CQQQ) Hits New 52-Week High

By Zacks Investment ResearchStock MarketsNov 09, 2017 08:45PM ET

www.investing.com/analysis/china-technology-etf-cqqq-hits-new-52week-high-200263943

China Technology ETF (CQQQ) Hits New 52-Week High

By Zacks Investment Research | Nov 09, 2017 08:45PM ET

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For investors seeking momentum, Guggenheim China Technology ETF CQQQ is probably on radar now. The fund just hit a 52-week high, and is up roughly 81% from its 52-week low price of $34.90/share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:

CQQQ in Focus

This fund provides exposure to the Chinese technology sector. Holding 72 stocks in the basket, it is highly concentrated on the top two firms, Tencent Holdings (OTC:TCEHY) and Alibaba Holdings (NYSE:BABA) , that collectively account for 22.7% of the portfolio. The product charges 70 bps in fees per year (see: all the Technology ETFs here).

Why the Move?

The Chinese technology market has been an area to watch lately given its strong outperformance this year and the excitement surrounding Singles’ Day, the world’s busiest online shopping day. E-commerce players have a tradition of enjoying a huge boom in their sales on this online shopping festival, with Alibaba being the dominant player. Additionally, encouraging Chinese economic fundamentals and growing popularity of online shopping are adding to the strength in the Chinese technology sector.

More Gains Ahead?

Currently, CQQQ has a Zacks ETF Rank #2 (Buy) with a High risk outlook, suggesting that the outperformance could continue in the months ahead. Further, many of the segments that make up this ETF have a strong Zacks Industry Rank, so there is definitely still some promise for those who want to ride on this surging ETF a little longer.

Want key ETF info delivered straight to your inbox?

Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>

Alibaba Group Holding Limited (BABA): Free Stock Analysis Report

Tencent Holding Ltd. (TCEHY): Free Stock Analysis Report

GUGG-CHINA TEC (CQQQ): ETF Research Reports

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China Technology ETF (CQQQ) Hits New 52-Week High

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