VGT - Popular tech ETFs VGT and XLK reach new 52-week highs

2023-05-18 10:45:54 ET

Several high-profile technology-focused exchange traded funds reached new 52-week trading highs on Thursday, as investors have favored many of Wall Street’s tech giants so far in 2023.

The U.S. Technology Sector SPDR ( NYSEARCA: XLK ) and the Vanguard MSCI U.S. Technology ( NYSEARCA: VGT ), which are the two largest tech funds in the world and cumulatively manage roughly $90B worth of assets, each touched highs not seen since mid-April of 2022.

The two broad spectrum focused funds have each advanced by roughly 25% to start the 2023. VGT has climbed 35.7% from its 52-week low, which came back on October 13 of 2022. At the same time, XLK jumped 37.5% from its 52-week low, which also came on October 13, 2022.

Even as VGT and XLK have hit new highs, the funds have seen investor outflows. Over the past year, investors have pulled $129.93M from VGT and removed $1.38B from XLK. This process highlights an undercurrent of concern for many Wall Street investors.

Meanwhile, other tech ETFs have notched 52-week trading highs as well. This list includes the following:

• Fidelity MSCI Info Technology ( FTEC )
• iShares DJ U.S. Technology Sector ( IYW )
• Invesco NASDAQ 100 ETF ( QQQM )

Year-to-date price action: FTEC +25% , IYW +30.7% , and QQQM +25.9% .

More on Exchange Traded Funds:

• CHAT, a new generative AI focused ETF, launched by Roundhill Investments
• Metaverse ETF PUNK prepares to liquidate itself as issuer pivots to AI
• BNY Mellon launches women-focused and innovation-themed ETFs

Global ETFs grow by more than $50B during the month of April

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