For investors seeking momentum, SPDR Portfolio S&P 500 ETF SPLG is probably on the radar. The fund just hit a 52-week high and is up 33.4% from its 52-week low of $56.67 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:
SPLG in Focus
iShares Core S&P 500 ETF tracks the S&P 500 Index with key holdings in the information technology, financials and consumer discretionary spaces that account for a double-digit allocation each. The ETF charges 2 bps in annual fees (see: all the Large-Cap Blend ETFs here).
Why the Move?
The large-cap corner of the broad investing world has been an area to watch lately, given that the S&P 500 Index hit a new milestone of 6,400 for the first time ever. Optimism about rate cuts and an AI frenzy are driving stocks to new highs. Traders are now pricing in a more than 90% probability of a Fed cut in September, with odds for additional cuts in October and December also climbing.
More Gains Ahead?
Currently, SPLG has a Zacks ETF Rank #1 (Strong Buy), suggesting that the outperformance could continue in the months ahead. Many sectors that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.
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SPDR Portfolio S&P 500 ETF (SPLG): ETF Research ReportsThis article originally published on Zacks Investment Research (zacks.com).
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