For investors looking for momentum, iShares U.S. Technology ETF (IYW - Free Report) is probably a suitable pick. The fund just hit a 52-week high, up roughly 49.7% from its 52-week low of $148.42/share.
But does it have more gains in store? Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:
IYW in Focus
The fund provides exposure to U.S. electronics, computer software and hardware, and informational technology companies and tracks the Dow Jones U.S. Technology Capped Index. IYW is charging 42 bps in fees. The fund has amassed $4.59 billion in AUM (see all Technology ETFs here).
Why the Move?
Wall Street continues to soar on Sino-U.S. trade war talks, release of some encouraging U.S. economic data and a decent earnings season. In such a scenario, funds with exposure to riskier sectors like information technology are gaining popularity among investors.
More Gains Ahead?
Currently, IYW has a Zacks Rank #1 (Strong Buy). Moreover, it seems IYW might remain strong given a positive weighted alpha of 31.
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