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Large-Cap Growth ETF (PWB) Hits a New 52-Week High
For investors looking for momentum, Invesco Dynamic Large Cap Growth ETF (PWB - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 32.1% from its 52-week low of $58.52/share.
Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:
PWB in Focus
The fund is based on the Dynamic Large Cap Growth Intellidex Index. It has AUM of $846.1 million and charges 56 basis points in annual fees.
Why the Move?
Market participants are upbeat about the encouraging jobs report for July, impressive second-quarter 2021 earnings results and the rebounding U.S. economy from the coronavirus led-slump. Moreover, the Fed’s continued support with easy monetary policies and fiscal stimulus support are strengthening hopes of rapid economic recovery. This is making funds like PWB an attractive investment option.
More Gains Ahead?
The fund has a Zacks ETF Rank #2 (Buy). It seems like PWB will remain strong, with a positive weighted alpha of 29.43, which gives cues of further rally.