Markets

Online Retail ETF (ONLN) Hits New 52-Week High

Investors seeking momentum may have Proshares Online Retail ETF ONLN on radar now. The fund recently hit a new 52-week high. Shares of ONLN are up approximately 146.7% from their 52-week low of $28.50/share.

But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.

ONLN in Focus

The underlying ProShares Online Retail Index is a specialized retail index that tracks retailers that principally sell online or through other non-store channels. The fund is heavy on Amazon. The fund charges investors 58 basis points in fee per year (see all Consumer Discretionary ETFs here).

Why the move?

After almost round-the-year coronavirus fear, Holiday Season is peeking into the calendars. It is time for consumers to stack up their shopping carts. Over the last few years, online sales have gained precedence. The coronavirus outbreak has raised the appeal of the space even more as it has less to do with human contact. 

Market research firm Forrester sees online retail jumping 18.5% this year and attaining 20.2% overall penetration in North America, as quoted on Forbes. Amazon’s Prime Day sales has also boosted the fund ONLN a lot.

More Gains Ahead?

The fund has a positive weighted alpha of 117.58. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.

Want key ETF info delivered straight to your inbox?

Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
ProShares Online Retail ETF (ONLN): ETF Research Reports
 
To read this article on Zacks.com click here.
 
Zacks Investment Research
 
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

ETFs

Latest Markets Videos

    Zacks

    Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. Today, that discovery is still the heart of the Zacks Rank. A wealth of resources for individual investors is available at www.zacks.com.

    Learn More