For investors seeking momentum, Main BuyWrite ETF (BUYW Quick QuoteBUYW - Free Report) is probably on the radar now. The fund just hit a 52-week high and is up 5.1% from its 52-week low price of $13.84 per share.

But are there more gains in store for this ETF? Let’s take a quick look at the fund and its near-term outlook to get a better sense of where it might head.

BUYW in Focus

It is an active fund that offers exposure to a diversified portfolio of domestic and international exchange-traded funds (ETFs), seeking to provide total returns from current income and gains from long-term capital appreciation. The product charges 99 basis points (bps) in annual fees (See: All Derivative-Based ETFs here).

What Led to the Rise?

The BUYW fund recently touched a 52-week high, likely driven by its heavy exposure to mid and large-cap technology stocks, which have been rallying high lately, thanks to rapid acceleration of artificial intelligence (AI)-infrastructure buildout. Also, as the fund is actively managed, its sector rotations, including notable allocations to Energy and Financials, benefit from broader market rotations into cyclical and value sectors, which might have led to its recent 52-week high.

More Gains Ahead?

BUYW may continue its strong performance in the near term, with a positive weighted alpha of 3.22 (as per Barchart.com), which suggests a further rally.