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Tesla ETF (VCAR) Hit a New 52-Week High
For investors seeking momentum, Simplify Volt TSLA Revolution ETF is probably on the radar. The fund just hit a 52-week high and is up 181% from its 52-week low of $8.99 per 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:
VCAR ETF in Focus
The Simplify Volt TSLA Revolution ETF ETF aims to provide capital appreciation by investing primarily in Tesla (TSLA - Free Report) stock. The fund uses an active management strategy to capture the potential of Tesla’s stock price movements while implementing an advanced options overlay to manage downside risks. The VCAR ETF charges 99 bps in annual fees (see: all Consumer Discretionary ETFs here).
Why the Move?
Tesla shares closed at a record-breaking $424.77 on Wednesday, continuing a rocket rally since President-elect Donald Trump's victory. The stock touched an intraday high of $424.88, surpassing its previous record close of $409.97, hit on Nov. 4, 2021. Since Trump's election win last month, Tesla's stock surged about 69%.
More Gains Ahead?
The ETF VCAR might continue its strong performance in the near term, with a positive weighted alpha of 143.02, which gives cues of a further rally.