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Johnson & Johnson (JNJ) - free report >>
iShares U.S. Tech Independence Focused ETF (IETC) - free report >>
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Technology ETF (IETC) Hits New 52-Week High
For investors seeking momentum, iShares Evolved U.S. Technology ETF (IETC - Free Report) is probably on their radar now. The fund just hit a 52-week high and is up roughly 72% from its 52-week low price of $30.70/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:
IETC in Focus
This active ETF employs data science techniques to provide exposure to the technology stocks. It has key holdings in software and services, media & entertainment, technology hardware & equipment as well as semiconductors & semiconductor equipment. The product charges 18 basis points in fees per year (see: all the Technology ETFs here).
Why the Move?
The technology corner of the broad U.S. stock market has been an area to watch lately, given the pause in Johnson & Johnson's (JNJ - Free Report) COVID-19 vaccine. The setback sparks fears of a broader economic rebound, backed by wider and rapid vaccine distribution, prompting investors to rotate out of stocks poised to profit from a post-pandemic economic recovery and into companies that could benefit from a slower vaccine rollout.
More Gains Ahead?
It seems that IETC might remain strong on a weighted alpha of 58.64 and a 20-day volatility of 20.97%. As a result, there is definitely still some promise for the risk-aggressive investors who want to ride on this rallying ETF.
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