Large-Cap ETF (SPLG) Hits New 52-Week High
For investors seeking momentum, SPDR Portfolio S&P 500 ETF SPLG is probably on the radar. The fund just hit a 52-week high and is up 29% from its 52-week low of $44.75 per 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:
SPLG in Focus
SPDR Portfolio S&P 500 ETF offers exposure to the large-cap segment of the broader equity market. It has key holdings in information technology, financials, healthcare and consumer discretionary. SPDR Portfolio S&P 500 ETF charges just 2 bps in annual fees (see: all the Large-Cap Blend ETFs here).
Why the Move?
The large-cap corner of the broad investing world has been an area to watch lately, given the surge in the stock market. The S&P 500 Index touched the 49,000 level for the first time as yields fell. Additionally, a busy week packed with big tech earnings releases is fueling a rally in the stocks.
More Gains Ahead?
Currently, SPLG has a Zacks ETF Rank #2 (Buy), suggesting that the outperformance could continue in the months ahead. Many spaces that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.
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