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Internet ETF (FDN) Hits New 52-Week High
Investors seeking momentum may have First Trust Dow Jones Internet ETF (FDN - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of FDN are up approximately 45.3% from their 52-week low of $173.47/share.
But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.
FDN in Focus
The underlying Dow Jones Internet Composite Index includes only companies whose primary focus is Internet-related. The expense ratio is 0.51%.
Why the move?
A spike in U.S. COVID cases, which is a potential threat to economic reopening, boosted the stay-at-home stocks like technology and internet lately.
More Gains Ahead?
The fund has a positive weighted alpha of 37.27. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.