The tech bet is back. At least that seems to be the case for buyers of exchange-traded funds.
Investors just poured heaps of cash into the $21 billion Technology Select Sector SPDR Fund, the largest ETF globally tracking stocks of technology companies. Known by its ticker XLK, the fund has been a go-to bet for buyers looking for cheap and broad tech exposure, charging a low expense ratio of 13 basis points.
“Buyers are coming out from under their shelters and scooping up XLK with other highly liquid ETFs they love to buy when they feel good,” said Bloomberg Intelligence analyst Eric Balchunas. “This shows that the hot money thinks the storm is over.”
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