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

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For investors looking for momentum, ProShares Long Online/Short Stores ETF (CLIX - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 97.5% from its 52-week low price of $47.95/share.

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

CLIX in Focus

This ETF seeks investment results, before fees and expenses, that correspond to the performance of the ProShares Long Online/Short Stores Index. It has AUM of $239.6 million and charges 65 basis points (bps) in annual fees.

Why the Move?

The coronavirus outbreak continues to aggravate in the United States and globally. 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. Keeping up with the digitization trend, the U.S. holiday season is expected to see a significant surge in online sales. This is making funds like CLIX an attractive investment option.

More Gains Ahead?

It seems like the fund will remain strong, with a positive weighted alpha of 88.74, which gives cues of further rally.

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