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Invesco Dynamic Semiconductors ETF (PSI) Hits 52-Week High
For investors looking for momentum, Invesco Dynamic Semiconductors ETF (PSI - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 157.5% from its 52-week low price of $44.68/share.
Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:
PSI in Focus
The fund is based on the Dynamic Semiconductor Intellidex Index. It has an AUM of $408.2 million and charges an expense ratio of 57 basis points, as stated in the prospectus.
Why the Move?
The semiconductor market has held its ground strongly amid the coronavirus mayhem. The space has been gaining from expanding digitization and growing dependency on the Internet owing to some new normal trends like online shopping, work from home, digital payments, digitization of healthcare, growing favor for video gaming and many more. In fact, growing adoption of cloud computing, and ongoing infusion of AI, machine learning and IoT are anticipated to keep the sector brewing with opportunities in 2021. This is making funds like PSI an attractive investment option.
More Gains Ahead?
It seems like the fund will remain strong, sporting a Zacks ETF Rank #1 (Strong Buy) and a positive weighted alpha of 83.44, which gives cues of further rally.
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