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Social Media ETF (SOCL) Hit a 52-Week High
For investors seeking momentum, Global X Social Media ETF (SOCL - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 24.9% from its 52-week low price of $33.23/share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
SOCL in Focus
The underlying Solactive Social Media Index is designed to reflect the performance of companies involved in the social media industry, including companies that provide social networking, file sharing, and other web-based media applications. The product charges 65 bps in annual fees.
Why the Move?
The social media ETF SOCL is heavy Meta (13.69% weight), Pinterest (8.62%), Spotify (7.0%) and Snap (5.1%). While a huge crash in Facebook-parent Meta stock has weighed on the fund to some extent lately, strength in other constituents – Snap, Spotify and Pinterest acted as positives for the fund (read: Should You Buy Social Media ETF (SOCL - Free Report) Now?).
More Gains Ahead?
Currently, SOCL has a Zacks ETF Rank #3 (Hold). However, it might continue its strong performance in the near term, with a positive weighted alpha of 20.74, which gives cues of a further rally.