For investors looking for momentum, ProShares Long Online/Short Stores ETF (CLIX Quick QuoteCLIX - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 65.3% from its 52-week low price of $46.11/share.

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

CLIX in Focus

This ETF seeks investment results, before fees and expenses, that correspond to the performance of the ProShares Long Online/Short Stores Index. It has AUM of $192.1 million and charges 65 basis points (bps) in annual fees.

Why the Move?

In order to contain the second wave of coronavirus outbreak, certain governments across the globe are pausing the reopening process 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. Also, the pandemic has resulted in some changes in the lifestyle and preference of people. Most of the surveys have found that people are opting for online shopping over visiting a brick-and-mortar store for their purchases of essential food items and supplies, even when the economies were reopening. This is making funds like CLIX an attractive investment option.

More Gains Ahead?

It seems like the fund will remain strong, with a positive weighted alpha of 54.91, which gives cues of further rally.

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