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Retail ETF (PMR) Hits New 52-Week High
For investors seeking momentum, Invesco Dynamic Retail ETF is probably on the radar now. The fund just hit a 52-week high and is up nearly 31.5% from its 52-week low price of $32.00/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 on where it might be headed.
PMR in Focus
The fund measures the performance of the U.S. retail companies. Kroger, Walmart and Amazon.com are the top three holdings of the fund. The product charges 63 bps in fees (see all Consumer Discretionary ETFs here).
Why the Move?
The back-to-school season, between July and September, is at its peak. This shopping extravaganza comes second to holiday shopping and Americans are estimated to spend $27.6 billion this time, per an article published on CNBC. This has probably given a boost to this retail ETF.
More Gains Ahead?
The fund has a Zacks Rank #2 (Buy). Plus, it seems that the fund will perform decently in the near term given a positive weighted alpha of 30.80.
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