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Online Retail ETF (CLIX) Hits New 52-Week High

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For investors looking for momentum, ProShares Long Online/Short Stores ETF (CLIX - Free Report) is probably a suitable pick. The fund just hit a 52-week high — up roughly 38.7% from its 52-week low of $46.11/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:

CLIX in Focus

The underlying index consists of long positions in online retailers, included in the ProShares Online Retail Index, and short positions in the bricks and mortar retailers included in the Solactive-ProShares Bricks and Mortar Retail Store Index. Amazon (24.09%) and Alibaba (12.42%) are the top two holdings of the fund’s long positions. The fund charges 65 bps in fees (see all long/short ETFs here).

Why the Move?

While coronavirus-led lockdowns and cash crunch ruined retail sales in March, non-store retail trade gained 3.1% sequentially and 9.7% year over year in the month. Social distancing amid growing fears of virus contamination has been aiding the space.

More Gains Ahead?

The fund has a positive weighted alpha of 35.22, which gives cues of further rally.

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