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Amplify Online Retail ETF (IBUY) Hits New 52-Week High

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For investors looking for momentum, Amplify Online Retail ETF (IBUY - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 72.3% from its 52-week low price of $33.11/share.

Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:

IBUY in Focus

This ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price performance of the EQM Online Retail Index. The Index is a globally-diverse basket of publicly-traded companies that obtain 70% or more of revenues from online or virtual sales. It has AUM of $290.5 million and charges 65 basis points (bps) in annual fees.

Why the Move?

In order to contain the spread of the virus, governments across the globe are shutting down economic activities and imposing social distancing measures. In the current scenario, consumers are opting for online retailers to purchase food items and other goods. This is driving orders for online retailers like Amazon, making funds like IBUY an attractive investment option.

More Gains Ahead?

It seems like the fund will remain strong, with a positive weighted alpha of 21.90, which gives cues of further rally.

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