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Casino ETF (BJK) Hits New 52-Week High

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For investors seeking momentum, VanEck Vectors Gaming ETF (BJK - Free Report) is probably on radar now. The fund just hit a 52-week high and is up nearly 31.5% from its 52-week low price of $33.57/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 on where it might be headed:

BJK in Focus

The fund looks to track the MVIS Global Gaming Index. Galaxy Entertainment Group Ltd, Las Vegas Sands Corp and Sands China Ltd are the top three holdings of the fund. It charges 67 bps in fees (see all Consumer Discretionary ETFs here).

Why the Move?

Things are looking up for Casino stocks and ETF. Gambling revenues in the Chinese casino center of Macau grew 22% during the month of October, beating expectations and registering a three-year high. A national Chinese holiday which boosted footfalls in the casino hub probably contributed to this stellar growth.

More Gains Ahead? 

It seems that this fund might stay strong given a positive weighted alpha of 28.00. As a result, there is still some promise for investors who want to ride on this surging ETF.

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