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Bank ETF (KBWB) Hits New 52-Week High
For investors seeking momentum, Invesco KBW Bank ETF (KBWB - Free Report) is probably on the radar. The fund just hit a 52-week high and has moved up 53.7% from its 52-week low of $46.87 per share.
Are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
KBWB in Focus
The KBW Nasdaq Bank index is a modified-market capitalization-weighted index that seeks to reflect the performance of companies that do business as banks or thrifts that are publicly-traded in the United States. KBWB charges 35 bps in fees per year (see: all the Financials ETFs here).
Why the Move
Upbeat corporate earnings and steepening of the yield curve have been favoring the bank ETFs in recent trading.
More Gains Ahead?
The ETF KBWB might continue its strong performance in the near term, with a positive weighted alpha of 51.47, which gives cues of a further rally.