For investors seeking momentum, PowerShares DB US Dollar Index Bullish Fund (UUP Quick QuoteUUP - Free Report) is probably on their radar now. The fund just hit a 52-week high and is up about 11.4% from its 52-week low price of $23.96/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:

UUP in Focus    

This product offers convenient and cost effective way to track the value of the U.S. dollar relative to a basket of six major world currencies - the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc. The fund follows the Deutsche Bank Long US Dollar Index Futures Index - Excess Return and has $868.5 million worth of assets under management. The fund charges 0.80% in expense ratio (see: all Currency ETFs here).

Why the Move?

This U.S. ETF has been staging a comeback propelled by greenback rally post Trump’s win. The dollar has been surging over the President-elect’s promise to introduce a burst of stimulus by increasing infrastructure spending package, easing regulations and tax cuts with an aim to accelerate economic growth and create more jobs in the country. It gained further on the Fed’s second lift-off in a decade and its hawkish stance for next year.

More Gains Ahead?

It seems that UUP might continue with its strength given a high weighted alpha of 26.70%. As a result, there is definitely still some promise for risk-aggressive investors who want to ride on this surging ETF.

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