Back to top

Image: Shutterstock

SPDR Portfolio S&P 500 ETF (SPLG) Hits a New 52-Week High

Read MoreHide Full Article

For investors looking for momentum, SPDR Portfolio S&P 500 ETF (SPLG - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 53.9% from its 52-week low price of $31.11/share.

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

SPLG in Focus

This fund seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P 500 Index. It has AUM of $9.38 billion and charges 3 basis points in annual fees.

Why the Move?

The U.S. economy is appearing to be on the path of recovery from the pandemic-led slowdown. Markedly, accelerated vaccine distribution, strong fiscal stimulus support and the reopening of non-essential businesses are expected to fasten the economic recovery pace. Notably, the central bank has also raised its economic growth outlook considering the vaccine and stimulus optimism and it also expects higher inflation this year during first-quarter 2021. Furthermore, there are certain new economic data releases which are pointing toward economic recovery. Notably, the recently-released robust job and manufacturing data have majorly boosted market participants' confidence. Importantly, the S&P 500 Index closed above the technical barrier of 4,000 for the first time on Apr 1. The rally continued on Apr 5 as the benchmark climbed 1.4%, hitting another new record closing high. This is making funds like SPLG an attractive investment option.

More Gains Ahead?

It seems like the fund will remain strong, with a positive weighted alpha of 44.49, which gives cues of further rally.

Want key ETF info delivered straight to your inbox?

Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free>>


See More Zacks Research for These Tickers


Normally $25 each - click below to receive one report FREE:


SPDR Portfolio S&P 500 ETF (SPLG) - free report >>

Published in