For investors seeking momentum, Invesco Ultra Short Duration ETF (GSY Quick QuoteGSY - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 1.2% from its 52-week low price of $49.23/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:

GSY in Focus

Invesco Ultra Short Duration ETF is an actively managed fund that seeks to provide returns in excess of cash equivalents while also seeking to provide preservation of capital and daily liquidity. It has weighted average life of 1.23 years and an effective duration of 0.79 years each. Invesco Ultra Short Duration ETF charges 22 bps in annual fees (see: all the Ultra Short-Term ETFs here).

Why the Move?

The short-term corner of the Treasury market has been an area to watch lately, given the current stock market weakness. The U.S. credit rating downgrade, multiple bank downgrades and the Fed’s hawkish signal have made investors jittery, compelling them to hoard cash. As such, the appeal for cash-like ETFs has been on the rise as investors seek to mitigate the risk of a decline in the stock market.

More Gains Ahead?

Currently, GSY might continue its strong performance, given its weighted alpha of 0.60 and a low 20-day volatility of 1.46%.