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Gaming ETF (BJK) Hits New 52-Week High
For investors seeking momentum, VanEck Gaming ETF (BJK - Free Report) is probably on radar. The fund just hit a 52-week high and is up 44.4% from its 52-week low price of $31.47/share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
BJK in Focus
The underlying MVIS Global Gaming Index tracks the overall performance of companies involved in casinos and casino hotels, sports betting, lottery services, gaming services, gaming technology and gaming equipment. The product charges 65 bps in annual fees.
Why the Move?
The reopening of China and Macau has provided much-needed support to the casino industry. In early February Macau posted an 82.5% year-on-year rise in gambling revenues. The global sports betting industry is also showing high growth prospects with the development of internet infrastructure and an increasing number of sporting leagues in the world. The fast adaption of AI and blockchain technologies is a positive.
More Gains Ahead?
Though BJK has a Zacks ETF Rank #4 (Sell) currently, it might continue its strong performance in the near term given a positive weighted alpha of 25.6.