Best week in nearly 3 months for Amazon, Microsoft pushes work-from-home ETF ahead of broader market
A hotly anticipated exchange-traded fund with a timely theme has outpaced the broader market in its first week in existence, even as recent flare-ups of COVID-19 may have bolstered its investment case. The Direxion Work From Home ETF has gained 4.5% since it launched on June 25, edging the 3.4% gain in the S&P 500 and the 3.8% gain in the Nasdaq Composite Index during that time. As previously reported, the fund contains 40 stocks that allow investors to tap into the technologies that enable many office workers to stay home: remote communications, cyber security, project and document management, and cloud technologies. Those companies include lesser-known names like Ping Identity Holding - but also pandemic darlings like Zoom Video Inc. and heavyweights like Amazon.com Inc and Microsoft Inc. [s:MSFT], both of which are on track for their best weekly gain since April 17.
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