For investors looking for momentum, First Trust Dow Jones Internet Index (FDN Quick QuoteFDN - Free Report) is a likely suitable pick. The fund just hit a 52-week high and is up 100.4% from its 52-week low price of $105/share.

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

FDN in Focus

This ETF seeks investment results that correspond generally to the price and yield of the Dow Jones Internet Composite Index. It has an AUM of $10.86 billion and charges 52 basis points (bps) in annual fees.

Why the Move?

Due to the coronavirus outbreak, consumers are opting for online retailers to purchase food items and other goods, and are resorting to video streaming services and other modes of in-house entertainment. In line with the rising online shopping trend, customers are resorting to digital payments to clear their bills, while merchants and utility providers are advocating the same. Also, the pandemic has resulted in some changes in the lifestyle and preferences of people. Most of the surveys have found that people are opting for online shopping over visiting brick-and-mortar stores for their purchases of essential food items and supplies. This is making funds like FDN attractive investment options.

More Gains Ahead?

It seems like the fund will remain strong given its Zacks ETF Rank #1 (Strong Buy).

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