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Cloud Computing ETF (CLOU) Hits New 52-Week High
Global X Cloud Computing ETF (CLOU - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and moved up 33.1% from its 52-week low price of $17.79/share.
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.
CLOU in Focus
The Indxx Global Cloud Computing Index provides exposure to exchange-listed companies in developed and emerging markets that are positioned to benefit from the increased adoption of cloud computing technology. The product charges 68 bps in annual fees.
Why the Move?
Cloud computing has been at the forefront of growth in technology for the past few years. The widespread adoption of remote work and e-commerce has continued to fuel the need for scalable and reliable cloud solutions. Moreover, advancements in cloud technologies, including artificial intelligence (AI), machine learning (ML), and cybersecurity enhancements, have expanded the use cases for cloud services, attracting a broader customer base.
More Gains Ahead?
The ETF CLOU might continue its strong performance in the near term, with a positive weighted alpha of 21.89, which gives cues of a further rally.