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One way for investors to play the end of the 'buyback blackout' period

Pedestrians walk outside the New York Stock Exchange.
Eduardo Munoz Alvarez | AFP | Getty Images
Pedestrians walk outside the New York Stock Exchange.

As of Wednesday, 87 percent of the companies in the S&P 500 companies have reported quarterly results this earnings season – and with the end of another season comes the end of the "buyback blackout" period.

Under SEC rules, companies can't buy back any of their shares during the roughly five-week period which ends two days after the company's results are released.

Using hedge fund analytics tool Kensho, CNBC conducted a study to find out which Dow Components and sector ETFs perform well once the stock repurchases resume.

United Health and Nike trade consistently higher, up 72 percent of the time, with average returns of 2.3 percent and 2.2 percent, respectively.

Home Depot trades positively 57 percent of the time, with an average gain of 2.2 percent.

Taking a broader look at sector performance:

The Financial Select Sector SPDR XLF and the Energy Select Sector SPDR XLE both traded positively 63 percent of the time.

The XLF notched the highest average return, gaining 1.7 percent, with the XLE better by 1.4 percent.

The Utilities Select Sector SPDR XLU was the most consistently positive of the group, trading positively 71 percent of the time with an average gain of 1.4 percent.

Disclosure: CNBC parent NBC Universal is a minority investor in Kensho