Utility ETF (RYU) Hits New 52-Week High
For investors seeking momentum, Invesco S&P 500 Equal Weight Utilities ETF RYU is probably on radar now. The fund just hit a 52-week high, which is up roughly 18.0% from its 52-week low price of $77.44/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:
RYU in Focus
The fund gives exposure to the utility sector. Electric Utilities account for about 51.555 of the fund followed by multi-utilities (37.81%). Scana Corp (3.90%), AES Corp (3.73%) and Pinnacle West Capital Corp (3.58%) are the top three holdings of the fund. The fund charges 40 bps in fees (see all Utilities/Infrastructure ETFs here).
Why the Move?
Since markets remained volatile lately and there has been a bloodbath in the global market owing mainly to rising rate worries, this defensive ETF gained strength.
More Gains Ahead?
The fund has a Zacks ETF Rank #3 (Hold) and a positive weighted alpha of 6.60. So, there is definitely still some promise for those who want to ride on this surging ETF a little longer, especially if uncertainty remains in the market.
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
GUGG-SP5 EW UTL (RYU): 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