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Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares (NYSE:UBOT) was trading over 3% higher on Friday after closing Thursday’s session up 3.92%.
AI and tech stocks have experienced a strong rally recently as automation becomes more advanced and integrated into people’s daily lives.
UBOT is a double-leveraged fund that offers 2x daily leverage to bullish movements across a variety of stocks in the robotics, AI and automation sector.
The ETF tracks a number of stocks through its holdings, with companies such as NVIDIA Corporation (NASDAQ:NVDA) weighted at 8.91%, Intuitive Surgical, Inc (NASDAQ:ISRG) weighted at 8.34% and a number of other foreign-listed companies within the sector.
It should be noted that leveraged ETFs are meant to be used as a trading vehicle as opposed to long-term investments by experienced traders. Leveraged ETFs should never be used by an investor with a buy-and-hold strategy or those who have low-risk appetites.
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The UBOT Chart: UBOT gapped up to open Friday’s trading session and was trading near its opening price. The trading action had the ETF looking to print a doji candlestick, which could indicate the local top has occurred and UBOT will retrace on Monday.
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