For investors seeking momentum, Amplify Cybersecurity ETF HACK is probably on the radar. The fund just hit a 52-week high and is up 44.4% from its 52-week low price of $58.33/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 of where it might be headed:
HACK in Focus
The Nasdaq ISE Cyber Security Select Index consists of a selection of constituents in the Nasdaq ISE Cyber Security Index. The product charges 60 bps in annual fees (See: All Technology ETFs).
Why the Move?
Given the recent surge in the adoption of AI technology, the need for cybersecurity becomes increasingly evident. Cyberattacks are on the rise as an increasing number of companies across various sectors are integrating generative AI and other aspects of technology into their daily operations. With corporate investments in AI continuing to rise, an inevitable increase in cybersecurity spending is expected.
More Gains Ahead?
HACK might continue its strong performance in the near term, with a positive weighted alpha of 38.74 (as per Barchart.com), which gives cues of a further rally.
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Amplify Cybersecurity ETF (HACK): ETF Research ReportsThis article originally published on Zacks Investment Research (zacks.com).
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