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Semiconductor ETF (SOXX) Hits New 52-Week High
Investors seeking momentum may have iShares Semiconductor ETF (SOXX - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of SOXX are up approximately 66.5% from their 52-week low of $286.18/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.
SOXX in Focus
The underlying ICE Semiconductor Index measures the performance of U.S. traded securities of companies engaged in the semiconductor business. The fund charges 43 bps in fees.
Why the move?
Semiconductor stocks and ETFs should gain ahead from higher demand from a number of areas like the soaring video gaming industry, the occasional bounce-back in bitcoin and an all overall pickup in technology stocks amid the pandemic. Supply shortage of semiconductors also boosted the demand for chips.
More Gains Ahead?
The fund has a positive weighted alpha of 53.32. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.