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Moderna, Inc. (MRNA) - free report >>
First Trust Small Cap Value AlphaDEX ETF (FYT) - free report >>
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Small-Cap Value ETF (FYT) Hits a New 52-Week High
For investors looking for momentum, First Trust Smallcap Value Alphadex Fund (FYT - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 105.4% from its 52-week low price of $18.92/share.
Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:
FYT in Focus
The underlying The NASDAQ AlphaDEX Small Cap Value Index is an enhanced index which employs the AlphaDEX stock selection methodology to select stocks from the NASDAQ US 700 Small Cap Value Index. The fund charges 72 basis points in annual fees.
Why the Move?
Small-caps stocks that are heavily dependent on the domestic economy soared higher on Monday as this beaten-down zone will now be able to take full advantage of the solid economic recovery as vaccine hopes strengthened. Notably, Moderna (MRNA - Free Report) announced on Nov 16 that its experimental vaccine against Covid-19 was 94.5% effective. Last week, Pfizer (PFE - Free Report) and BioNTech (BNTX) also announced that their vaccine candidate was more than 90% effective in avoiding COVID-19. The news explain the latest rally in this small-cap value ETF,
More Gains Ahead?
It seems like the fund will remain strong, with a positive weighted alpha of 17.90, which gives cues of further rally. The current fundamental backdrop looks more promising for the fund.
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