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Healthcare ETF (XLV) Hits a New 52-Week High

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For investors looking for momentum, Health Care Select Sector SPDR Fund (XLV - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 36.4% from its 52-week low of $100.31/share.

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

XLV in Focus

The fund seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the Health Care Select Sector Index. It has AUM of $32.41 billion and charges 12 basis points in annual fees.

Why the Move?

The pandemic has triggered a race to introduce vaccines and treatment options, opening up investing opportunities in the healthcare sector. Moreover, the space has been gaining increasing attention lately, largely due to the resurgence in COVID-19 infections due to the highly-contagious delta variant. This has made investors jittery, compelling them to shift toward defensive investments. It is making funds like XLV an attractive investment option.

More Gains Ahead?

The fund has a Zacks ETF Rank #1 (Strong Buy). It seems like XLV will remain strong, with a positive weighted alpha of 31.56, which gives cues of further rally.

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