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Corporate Bond ETF (BSCN) Hits New 52-Week High
For investors seeking momentum, Invesco BulletShares 2023 Corporate Bond ETF is probably on the radar. The fund just hit a 52-week high and is up 2.1% from its 52-week low price of $20.84/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:
BSCN in Focus
The underlying Nasdaq Bulletshares USD Corporate Bond 2023 Index represents the performance of a held-to-maturity portfolio of US dollar-denominated, investment-grade corporate bonds with effective maturities in 2023. The product charges 10 bps in annual fees.
Why the Move?
This short-term bond ETF charges 10 bps in fees buy yields 2.90% annually. Amid rising rate environment, this short-term bond ETF has lower default risks as well as interest rate risks.
More Gains Ahead?
Currently, BSCN might continue its strong performance in the near term, with a positive weighted alpha of 1.80, which gives cues of a further rally.