Yahoo Finance Auto ETF (CARZ) Hits New 52-Week High
For investors seeking momentum, First Trust S-Network Future Vehicles & Technology ETF CARZ is probably on the radar. The fund just hit a 52-week high and is up 34.3% from its 52-week low of $46.26 per share.
But are more gains in store for this ETF? Let us 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:
CARZ in Focus
The underlying S-Network Electric & Future Vehicle Ecosystem Index constituents are chosen by selecting the eligible Pure-Play companies in descending order of float-adjusted market capitalization until 100 constituents have been selected. CARZ charges 70 bps in annual fees.
Why the Move?
The fund is heavy on Nvidia (5.93%), Apple (5.0%), Taiwan Semiconductor (4.97%) and Tesla (4.52%) and most of these stocks have been on an uptrend on AI initiatives.
More Gains Ahead?
Currently, CARZ has a Zacks ETF Rank #1 (Strong Buy) with a High risk outlook, suggesting that the outperformance could continue in the months ahead.
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First Trust S-Network Future Vehicles & Technology ETF (CARZ): ETF Research Reports
