Cybersecurity ETF (HACK) Hits New 52-Week High
For investors seeking momentum, ETFMG Prime Cyber Security ETF (HACK) is probably on radar now. The fund just hit a 52-week high and is up nearly 58.9% from its 52-week low price of $29.2/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.
HACK in Focus
The ETF gives exposure to companies providing cyber security solutions that include hardware, software and services. The product charges 60 bps in net fees.
Why the Move?
The cybersecurity segment has remained steady in recent times. The rampant usage of Internet has raised the risks of cyber threats. In case of work-from-home, proprietary business data is being accessed from personal computers and laptops that may not have the same level of security as in-office setups.
Hackers have already started taking advantage of the coronavirus panic. There have been “phishing efforts by sending out emails designed to look as if they’re official notices from the World Health Organization.” This is why this tech area has emerged one of the winners amid the pandemic.
More Gains Ahead?
It seems that the fund will stay strong in the near term given a positive weighted alpha of 17.00. So, there is still some promise for investors who want to ride on this surging ETF.
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ETFMG Prime Cyber Security ETF (HACK): ETF Research Reports
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