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Fintech ETF (FINX) Hits New 52-Week High
For investors looking for momentum, Global X FinTech Thematic ETF (FINX - Free Report) is probably a suitable pick. The fund just hit a 52-week high — up roughly 32.3% from its 52-week low of $24.49/share.
Does it have more gains in store? Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:
FINX in Focus
The underlying Indxx Global FinTech Thematic Index invests in companies on the leading edge of the emerging financial technology sector, which encompasses a range of innovations helping to transform established industries like insurance, investing, fundraising, and third-party lending through unique mobile and digital solutions.
The fund has about 61% exposure to the United States, followed by Brazil (8.71%), Germany (6.53%) and Australia (6.32%). It charges 68 bps in fees (see all Technology ETFs here).
Why the Move?
The Financial Transaction Services industry is part of the Financial Technology or FinTech space. The industry includes card and payment processors, mobile payments, ATM service providers and so on. The rise of m-commerce industry is going to give a big push to the space, which is also thriving with big ticket deals. The fintech concept is getting more global exposure.
More Gains Ahead?
The fund has a positive weighted alpha of 26.70, which gives cues of further rally.
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