Buy-Write ETF (PBP) Hits New 52-Week High

For investors seeking momentum, Invesco S&P 500 BuyWrite ETF PBP is probably on the radar. The fund just hit a 52-week high and is up 18.6% from its 52-week low price of $18.56/share.

But are more gains in store for this ETF? Lets take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:

PBP in Focus

Invesco S&P 500 BuyWrite ETF is based on the CBOE S&P 500 BuyWrite Index. The Index measures the total rate of return of an S&P 500-covered call strategy. This strategy consists of holding a long position indexed to the S&P 500 Index and selling a succession of covered call options, each with an exercise price at or above the prevailing price level of the S&P 500 Index.PBP charges 49 bps in annual fees (see: all the Large Cap Blend ETFs here).