Benzinga
Published Mar 21, 2024 18:56
Updated Mar 21, 2024 20:10
Thematic Music ETF (MUSQ) Prepares To Strike A Chord As Indicators Point To Upbeat Momentum
Benzinga - by Melanie Schaffer, Benzinga Editor.
MUSQ Global Music Industry ETF (ARCA: MUSQ) was trading flat on Thursday, forming an inside bar pattern near the top of the green Marubozu candlestick, which was printed on Wednesday.
The thematic ETF provides concentrated exposure to the complete music ecosystem, covering streaming, content and distribution, live music events and ticketing, satellite and broadcast radio, equipment and technology, and artificial intelligence. The fund holds multiple stocks that encompass the variety of companies and technologies the music industry is dependent upon.
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Recently, many of the pure-play music stocks within the fund have been climbing the charts, indicating investors have become increasingly bullish on the industry. Sphere Entertainment Co (NYSE: SPHR) surged 91% between Dec. 5 and March 8 before entering a consolidation period and is the sixth largest holding within the fund, weighted at 3.13%.
Similarly, Spotify Technologies S.A. (NYSE: SPOT) has skyrocketed 102% since Aug. 18, Live Nation Entertainment, Inc (NYSE: LYV) has risen 40% since Oct. 27 and Tencent Music Entertainment Group (NYSE: TME) has soared 100% since the low of $5.70 on Aug. 15.
For investors, particularly those who believe in the power of diversification, MUSQ’s top three holdings include companies that not only play a big part in the music sector but have a toehold in a range of industries. Amazon.com, Inc (NASDAQ: AMZN) is the largest holding within the ETF, weighted at 7.92%, Alphabet, Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) is weighed at 7.07% and Apple, Inc (NASDAQ: AAPL), MUSQ’s third largest holding is weighted at 6.46%.
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The MUSQ Chart: MUSQ has been trading in a tight horizontal trading pattern between about $24.10 and $25.36 since Dec. 23. Since March 5, bullish momentum has been increasing, which is indicated by the ETF’s relative strength index (RSI), which has been making a series of higher highs and higher lows.
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