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Technology ETF (IGV) Hits a New 52-Week High

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For investors looking for momentum, iShares Expanded TechSoftware Sector ETF (IGV - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 42.5% from its 52-week low of $291.89/share.

Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed in future:

IGV in Focus

The underlying S&P North American Expanded Technology Software Index comprises of North American equities in the software industry and select North American equities from interactive home entertainment and interactive media and services industries. It charges 43 basis points in annual fees.

Why the Move?

Fears of delta variant of COVID-19 are causing higher demand for the tech stocks as these are winning ones amid the stay-at-home trend. The new lifestyle continue to boost various corners of the technology sector, ranging from enterprise cloud computing, cyber security, remote communications, video gaming and e-commerce to online payments.

More Gains Ahead?

The fund has a positive weighted alpha of 31.57, which gives cues of further rally.


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