For investors seeking momentum, Global X Robotics & Artificial Intelligence ETF BOTZ is probably on radar. The fund just hit a 52-week high, and is up 53.9% from its 52-week low of $17.33 per 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:
BOTZ in Focus
The underlying Indxx Global Robotics & Artificial Intelligence Thematic Index invests in companies that potentially stand to benefit from increased adoption and utilization of robotics and artificial intelligence, including those involved with industrial robotics and automation, non-industrial robots, and autonomous vehicles. The fund charges 69 bps in fees and yields 0.18% annually.
Why the Move?
Artificial intelligence (AI) has been in vogue lately. OpenAI's ChatGPT, for instance, has amassed a staggering 100 million users, becoming the fastest-growing application ever. Its integration into various industries, from creative writing to software development, showcases the practicality and versatility of generative AI. This has boosted the demand for AI stocks.
More Gains Ahead?
The fund has a positive weighted alpha of 27.00. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.
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