For investors seeking momentum, First Trust Nasdaq Artificial Intelligence and Robotics ETF (ROBT - Free Report) is probably on radar now. The fund just hit a 52-week high, which is up roughly 35.5% from its 52-week low of $24.30/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:
ROBT in Focus
The underlying Nasdaq CTA Artificial Intelligence and Robotics Index is designed to track the performance of companies engaged in AI, robotics and automation. The fund charges 65 bps in fees (see all Broad Developed World ETFs here).
Why the Move?
Robotics and AI is latest big thing in the field of automation. The usage has been prominent in the area of healthcare, aviation, military, transportation, construction and manufacturing market.
More Gains Ahead?
The fund has a positive weighted alpha of 16.04, which hints at more gains. So, there is definitely still some promise for those who want to ride on this surging ETF a little longer.
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