The fourth-quarter slumps by the FANG stocks hammered Internet and technology exchange traded funds, but the First Trust Dow Jones Internet Index (NYSEArca: FDN), the largest Internet ETF by assets, is rallying to start 2019.

Up more than 13% to start the year, FDN is regaining some of the momentum it lost late last year, but some market observers believe investors remain skeptical of the Internet fund’s resurgence. The $7.94 billion FDN follows the Dow Jones Internet Composite Index. With February here, FDN is an ETF to consider, according to historical data.

“The FANG stock-loaded First Trust Dow Jones Internet Index Fund (NYSEARCA: FDN) is entering a historically bullish month, according to data from Schaeffer’s Senior Quantitative Analyst Rocky White. Over the past 10 years, FDN has emerged as the top exchange-traded fund (ETF) performer during the month of February, with 90% positive returns and an average return of 3.24%,” according to Schaeffer’s Investment Research.

FDN holds 41 stocks with Amazon.com Inc. (NASDAQ: AMZN), Facebook Inc. (NASDAQ: FB), Netflix, Inc. (NASDAQ: NFLX) and Alphabet Inc. (NASDAQ: GOOG) combining for over a third of the fund’s weight.

Near-Term Concerns

FDN is coming off one of its best months since debuting in mid-2006, stoking concerns that that rally may be a case of too much too fast.

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