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Invesco NASDAQ Internet ETF (PNQI) Hits a New 52-Week High

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For investors looking for momentum, Invesco NASDAQ Internet ETF (PNQI - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up around 125% from its 52-week low price of $108.12/share.

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

PNQI in Focus

This ETF is based on the Nasdaq CTA Internet Index. The Index is designed to track the performance of the largest and most liquid U.S.-listed companies engaged in Internet-related businesses and that are listed on one of the major U.S. stock exchanges. It has AUM of $1.02 billion and charges 60 basis points (bps) in annual fees.

Why the Move?

In the current scenario, the rising work-from-home and online-shopping trend, increasing digital payments, growing video streaming and soaring video game spending have gained huge popularity and become the ‘new normal’. With the new trends making way, Internet will continue being a major requirement in daily lives. Even as the global economy starts to reopen in phases and social-distancing restrictions are being eased, people are trying to minimize human-to-human contact. This is making funds like PNQI an attractive investment option.

More Gains Ahead?

It seems like the fund will remain strong, with a positive weighted alpha of 67.28, which gives cues of further rally.

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