Investors seeking momentum may WisdomTree CBOE S&P 500 PutWrite Strategy ETF (PUTW Quick QuotePUTW - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of PUTW are up approximately 28.3% from their 52-week low of $25.81/share.

But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.

PUTW in Focus

The underlying CBOE S&P 500 PutWrite Index is designed to sell a sequence of one-month, at-the-money, S&P 500 Index puts and invest cash at one- and three-month Treasury Bill rates. The expense ratio is 0.44%.

Why the move?

Wall Street ended on a negative note last week just the week before that, strengthening the worth of the adage that September is historically the worst month of the year for stocks. The S&P 500, the Dow Jones and the Nasdaq Composite lost about 0.6%, 0.07% and 0.5%, respectively. The S&P 500 is on its way toward its first monthly decline since January. The Russell 2000 only added 0.42% last week. No wonder, defensive ETFs like PUTW soared last week.

More Gains Ahead?

The fund has a positive weighted alpha of 23.50. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.