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Fidelity MSCI Consumer Staples Index ETF (FSTA) - free report >>
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Fidelity MSCI Consumer Staples Index ETF (FSTA) - free report >>
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Consumer Staples ETF (FSTA) Hits New 52-Week High
Fidelity MSCI Consumer Staples Index ETF (FSTA - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and has moved up 27.43% from its 52-week low price of $40.28/share.
Are more gains in store for this ETF? Let us 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.
FSTA in Focus
The underlying MSCI USA IMI Consumer Staples Index represents the performance of the consumer staples sector in the U.S. equity market. The product charges 8 bps in annual fees (see: all Consumer Staples ETFs).
Why the Move?
The consumer staples sector of the market has been an area to watch lately, given the increasing volatility in the market. With September historically being the worst Wall Street month and potential surprises from a tight U.S. presidential race, the need to invest in defensive funds has increased, making FSTA an appealing option. U.S. manufacturing contracted again in the month of August, more than what economists had earlier forecasted.Consumer Staples funds generally act as a safe haven amid political and economic turmoil.
More Gains Ahead?
Currently, FSTA has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. It might continue its strong performance in the near term, with a positive weighted alpha of 18.98 (per Barchart.com), which gives cues of a further rally.