For investors seeking momentum, AGFiQ US Market Neutral Anti-Beta FundBTAL is probably on radar now. The fund just hit a 52-week high, which is up roughly 20.5% from its 52-week low price of $18.31/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:
BTAL in Focus
The underlying Dow Jones U.S. Thematic Market Neutral Anti-Beta Index is a long/short market neutral index that is dollar-neutral. The fund charges 75 bps in fees (see all Long-Short ETFs here).
Why the Move?
Since markets have been volatile lately and there has been a bloodbath in the global market owing mainly to rising rate worries and concerns about waning global growth, this defensive ETF has gained strength.
More Gains Ahead?
The fund has a positive weighted alpha of 17.00 . So, there is definitely still some promise for those who want to ride on this surging ETF a little longer, especially if uncertainty prevails.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.