Amazon is PNQI’s largest holding at a weight of 9% while Netflix has a weight of almost 5.4% in the ETF. FDN allocates a combined 13% of its weight to those stocks. Importantly, FDN’s technicals are confirming more upside could be on the way for Internet ETFs.

“Looking shorter-term, here is a daily candlestick chart showing prices, not only breaking out above the upper of the two converging trend lines since the all-time highs early last year, but also above overhead supply since September,” notes J.C. Parets of Eagle Bay Capital.

Chart Courtesy: J.C. Parets, Eagle Bay Capital

FDN, which has added $193 million in news assets, resides 3.3% below its 52-week. PNQI has further to run to get there as that ETF is 8% below its previous 52-week high.