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Online Retail ETF (ONLN) Hits a New 52-Week High

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For investors looking for momentum, ProShares Online Retail ETF (ONLN - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 124.7% from its 52-week low price of $28.50/share.

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

ONLN in Focus

This ETF lets investors tap the potential growth of online retail by pinpointing retailers that principally sell online or through other non-store channels, and then zeroing in on companies reshaping the retail space, like Amazon and Alibaba. It has AUM of $257 million and charges 58 basis points (bps) in annual fees.

Why the Move?

The United States continues to top the chart in terms of the number of coronavirus cases. In order to contain the spread of the virus, governments across the globe are once again shutting down economic activities and imposing social-distancing measures. In the current scenario, consumers are opting for online retailers to purchase food items and other goods. This is driving orders for online retailers like Amazon, making funds like ONLN an attractive investment option.

More Gains Ahead?

It seems like the fund will remain strong, with a positive weighted alpha of 106.41, which gives cues of further rally.

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