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For investors seeking momentum, iPath Bloomberg Commodity Index Total Return ETN (DJP - Free Report) is probably on radar. The fund just hit a 52-week high and is up about 40% from its 52-week low price of $23.29/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:
DJP in Focus
iPath Bloomberg Commodity Index Total Return ETN provides exposure to the Bloomberg Commodity Index Total Return. The benchmark reflects the returns that are potentially available through an unleveraged investment in futures contracts on physical commodities, comprising the Index plus the rate of interest that could be earned on cash collateral invested in specified Treasury Bills. The product charges 0.70% in annual fees (see: all the Broad Commodity ETFs here).
Why the Move?
The commodity market has been an area to watch lately, given the spike in consumer prices. Recovering demand following COVID-19, supply chain disruptions, government policy and adverse weather have all contributed to tightening in commodity markets, thereby pushing the prices higher.
More Gains Ahead?
It seems that DJP might remain strong given a weighted alpha of 36.70 and 20-day volatility of 10.3%. 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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