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Technology ETF (IGV) Hits New 52-Week High

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For investors seeking momentum, iShares Expanded Tech-Software Sector ETF (IGV - Free Report) is probably on radar now. The fund just hit a 52-week high, and is up roughly 30.9% from its 52-week low price of $158.98/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:

IGV in Focus    

This ETF provides exposure to software companies in the technology and communication services sectors. It is a home to 90 securities with each accounting for single-digit allocation. Additionally, the fund has key holdings in application software and systems software and charges 47 bps in fees per year (see: all the Technology ETFs here).

Why the Move?

The technology corner of the broad U.S. stock market has been an area to watch lately given the progress in U.S.-China trade deal. This has instilled confidence in the broad technology sector, which is heavily exposed to China’s economy, and eased concerns over global slowdown.

More Gains Ahead?

Currently, IGV has a Zacks ETF Rank #2 (Buy) with a High risk outlook, suggesting that the outperformance could continue in the months ahead. Further, many of the segments that make up this ETF have a strong Zacks Industry Rank, so there is definitely still some promise for those who want to ride on this surging ETF a little longer.

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