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Cyber Security ETF (HACK) Hits New 52-Week High

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For investors seeking momentum, ETFMG Prime Cyber Security ETF (HACK - Free Report) is probably a suitable pick. The fund just hit a 52-week high — up roughly 24.8% from its 52-week low of $34.52/share.

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:

HACK in Focus

The underlying Prime Cyber Defense Index utilizes a rules-based investment methodology to select a diverse group of companies actively involved in the cyber security industry. The fund charges 60 bps in fees (see all technology ETFs here).

Why the Move?

The cybersecurity corner of the U.S. stock market has been an area to watch lately, given the rise in Middle East tensions. The U.S. drone strike near the Baghdad international airport last week killed the top Iranian commander Qasem Soleimani and fueled bets of Iranian cyber attacks on the United States. “Companies that offer threat-detection services are the ones most likely to benefit from increased risk of attacks,” per Bloomberg.

More Gains Ahead?

The fund it has a positive weighted alpha of 21.12, which gives cues of further rally.

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