Back to top
We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties. You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies. In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Image: Bigstock
Invesco NASDAQ Internet ETF (PNQI) Hits a New 52-Week High
For investors looking for momentum, Invesco NASDAQ Internet ETF (PNQI - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up around 125% from its 52-week low price of $108.12/share.
Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:
PNQI in Focus
This ETF is based on the Nasdaq CTA Internet Index. The Index is designed to track the performance of the largest and most liquid U.S.-listed companies engaged in Internet-related businesses and that are listed on one of the major U.S. stock exchanges. It has AUM of $1.02 billion and charges 60 basis points (bps) in annual fees.
Why the Move?
In the current scenario, the rising work-from-home and online-shopping trend, increasing digital payments, growing video streaming and soaring video game spending have gained huge popularity and become the ‘new normal’. With the new trends making way, Internet will continue being a major requirement in daily lives. Even as the global economy starts to reopen in phases and social-distancing restrictions are being eased, people are trying to minimize human-to-human contact. This is making funds like PNQI an attractive investment option.
More Gains Ahead?
It seems like the fund will remain strong, with a positive weighted alpha of 67.28, which gives cues of further rally.
Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free>>