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Global X Social Media ETF (SOCL) Hits a New 52-Week High

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For investors looking for momentum, Global X Social Media ETF (SOCL - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 195.2% from its 52-week low price of $24.57/share.

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

SOCL in Focus

This ETF seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Social Media Total Return Index. It has AUM of $374.9 million and charges 65 basis points in annual fees.

Why the Move?

The coronavirus outbreak continues to aggravate in the United States and globally. It seems like the mutations have accelerated the spread of the virus. In order to contain the spread of the virus, governments across the globe are again shutting down economic activities and imposing social-distancing measures. In the current scenario, people are increasingly opting for in-house entertainment sources and spending more time on social media, making funds like SOCL an attractive investment option.

More Gains Ahead?

It seems like the fund will remain strong, with a positive weighted alpha of 113.47 which gives cues of further rally.

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