For investors looking for momentum, SPDR S&P Internet ETF is probably a suitable pick. The fund just hit a 52-week high and is up 196.3% from its 52-week low price of $53.49/share.

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

XWEB in Focus

This ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Internet Select Industry Index. The fund seeks to provide exposure to the Internet segment of the S&P TMI, comprising the following sub-industries: Internet & Direct Marketing Retail, Internet Services & Infrastructure and Interactive Media & Services. It has AUM of $61.3 million and charges 35 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, social-media platforms 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. This is making funds like XWEB an attractive investment option.

More Gains Ahead?

It seems like the fund will remain strong, with a positive weighted alpha of 113.25, which gives cues of further rally.

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