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Short-Term Bond ETF (NEAR) Hits New 52-Week High
For investors seeking momentum, BlackRock Short Maturity Bond ETF (NEAR - Free Report) is probably on radar. The fund just hit a 52-week high and is up 1.3% from its 52-week low price of $48.99/share.
But 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:
NEAR In Focus
The fund looks to maximize current income through diversified exposure to short-term bonds. The effective duration of the fund is 0.47 years. Weighted average maturity is 1.09 years. The fund charges 25 bps in fees and yields 2.22% annually.
Why The Move?
The banking crisis in the United States has triggered a flight to safety. Short-term bonds are yielding more than the benchmark 10-year U.S. treasuries. So, investors are probably flocking to this kind of short-duration bonds for higher current income with lesser risks.
More Gains Ahead?
Currently, the fund has a positive weighted alpha of 0.50, which hints at more gains. So, there is definitely still some promise for those who want to ride on this ETF a little longer.