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Bank ETF (FTXO) Hits New 52-Week High
Investors seeking momentum may have First Trust NASDAQ Bank ETF (FTXO - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of FTXO are up approximately 44.2% from their 52-week low of $26.91/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.
FTXO In Focus
The underlying Nasdaq US Smart Banks Index is a modified factor weighted index, designed to provide exposure to US companies within the banking industry. The fund charges 60 bps in fees.
Why The Move?
Things are taking a turn for the better for the bank stocks. The yield curve has been steepening lately as the Federal Reserve hinted at potential interest rate cuts in 2024. A steepening yield curve is beneficial for bank stocks.
More Gains Ahead?
The fund has a positive weighted alpha of 32.30. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.