DRIV - An Update On The DRIV ETF Product
2024-06-11 17:45:50 ET
Summary
- DRIV edged higher since November 2023, but remains in a sideways trading range.
- Composition of holdings has shifted towards chipmakers over car manufacturers.
- Concerns over oil prices and the upcoming U.S. election may impact the future of DRIV and the EV market.
In a November 7, 2023 Seeking Alpha article on the Global X Autonomous & Electric Vehicles ETF ( DRIV ), I highlighted the ETF’s significant price correction from the November 2021 $32.37 high to the October 2022 $18.91 low. I concluded the article with:
An Update On The DRIV ETF ProductThe bottom line is DRIV, and the EV industry face many roadblocks in late 2023. However, the ETF has declined to near the midpoint of the March 2020 low and the November 2021 high, offering value. DRIV is a contrarian investment in November 2023, but betting against technological advances has been a mistake for years.