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Momentum ETF (MTUM) Hits New 52-Week High

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Investors seeking momentum may have iShares MSCI USA Momentum Factor ETF (MTUM - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of MTUM are up approximately 41.9% from their 52-week low of $134.92/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.

MTUM In Focus

The underlying MSCI USA Momentum SR Variant Index measures the performance of U.S. large and mid-capitalization stocks exhibiting relatively higher momentum characteristics. The fund charges 15 bps in fees.

Why The Move?

Wall Street has been hovering around a record high level due the AI-boom-led tech rally and chances of a rate cut this year. Investors maintained their bullish stance on stocks for the seventh consecutive week, pouring $4.6 billion into U.S. equity funds, per strategists at BofA Global Research, as quoted on MarketWatch. These developments have propelled this high momentum ETF.

More Gains Ahead?

The fund has a positive weighted alpha of 36.90. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.

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