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Regional Banking ETF (KRE) Hit a 52-Week High
For investors seeking momentum, SPDR S&P Regional Banking ETF (KRE - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 49% from its 52-week low of $37.66 per share.
But are more gains in store for this ETF? Let us 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:
KRE in Focus
The underlying S&P Regional Banks Select Industry Index represents the regional banks segment of the S&P Total Market Index. The KRE ETF charges 35 bps in annual fees.
Why the Move?
The Fed is likely to cut rates in September due to the cooling in inflation. This should steepen the yield curve and benefit regional banking ETFs like KRE.
More Gains Ahead?
The fund has a positive weighted alpha of 27.88. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.