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Technology ETF (IYW) Hits New 52-Week High
For investors seeking momentum, iShares U.S. Technology ETF (IYW - Free Report) is probably on their radar now. The fund just hit a 52-week high and is up about 55.2% from its 52-week low price of $73.71/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:
IYW in Focus
This ETF tracks the Dow Jones U.S. Technology Index, giving investors exposure to the broad technology space. The fund holds 140 stocks in its basket with AUM of $2.5 billion while charging 44 bps in fees and expenses. It exchanges more than 242,000 shares a day.
The product is heavily skewed toward the software & services segment with Apple, Microsoft Facebook and Google’s parent Alphabet as top holdings (see: all Technology ETFs here).
Why the Move?
This Technology ETF has been picking up momentum recently with earnings for tech companies being notably better than expected. Investors are excited with the encouraging results and outlook from Facebook, Alphabet and even Apple and Microsoft.
More Gains Ahead?
It seems that IYW might continue with its strength given a high weighted alpha of 11.2%. As a result, there is definitely still some promise for risk-aggressive investors who want to ride on this surging ETF.
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