For investors looking for momentum, Global X Social Media ETF SOCL is probably a suitable pick. The fund just hit a 52-week high and is up 146.3% from its 52-week low price of $24.57/share.
Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:
SOCL in Focus
This ETF seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Social Media Total Return Index. It has AUM of $271 million and charges 65 basis points in annual fees.
Why the Move?
The coronavirus outbreak continues to aggravate in the United States and globally. In order to contain the spread of the virus, several governments across the globe are again shutting down economic activities and imposing social-distancing measures. In the current scenario, people are increasingly opting for in-house entertainment sources and spending more time on social media, making funds like SOCL an attractive investment option.
More Gains Ahead?
It seems like the fund will remain strong, with a positive weighted alpha of 93.40, which gives cues of further rally.
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>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Global X Social Media ETF (SOCL): ETF Research Reports
To read this article on Zacks.com click here.
Zacks Investment Research
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report