Investors seeking momentum may have Global X Social Media ETF (SOCL Quick QuoteSOCL - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of SOCL are up approximately 60.1% from their 52-week low of $24.57/share.

But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.

SOCL in Focus

The underlying Solactive Social Media Index is designed to reflect the performance of companies involved in the social media industry, including companies that provide social networking, file sharing, and other web-based media applications. SOCL charges investors 65 basis points in fee per year (see all technology ETFs here).

Why the move?

The social media space has been performing well lately. Decent-to-upbeat earnings reports from Twitter, Snap, Spotify, Alphabet and Facebook have boosted the space. Notably, social distancing triggered by the coronavirus outbreak has benefited social media communication in past months.

More Gains Ahead?

Currently, SOCL has a Zacks ETF Rank #3 (Hold) with a High-risk outlook. So, it is difficult to get a handle on its future returns one way or another. The fund has a positive weighted alpha of 29.40. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.

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