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S&P 500 Growth ETF (IVW) Hits a New 52-Week High
For investors looking for momentum, iShares S&P 500 Growth ETF (IVW - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 38.7% from its 52-week low price of $59.97/share.
Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:
IVW in Focus
iShares S&P 500 Growth ETF seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit growth characteristics. It has AUM of $38.89 billion and charges 18 basis points in annual fees.
Why the Move?
Wall Street has been loudly cheering the third-quarter earnings season. There have also been certain upbeat economic data releases that have raised investor optimism. The coronavirus vaccine rollout is gradually helping control the spread of the outbreak across the globe. Accordingly, the global demand and economic growth levels are on the path of recovery from the pandemic-led slump. Investors have rotated back into growth-oriented market areas in recent weeks on optimism surrounding the economic recovery. These factors are making funds like IVW more attractive.
More Gains Ahead?
The fund has a Zacks ETF Rank #2 (Buy). It seems like it will remain strong, with a positive weighted alpha of 37.97, which gives cues of further rally.