For investors seeking momentum, ProShares Inflation Expectations ETF (RINF Quick QuoteRINF - Free Report) is probably on radar now. The fund just hit a 52-week high and is up nearly 10.6% from its 52-week low price of $26.66/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 on where it might be headed.

RINF in Focus

The ETF looks to track the performance of the Citi 30-Year TIPS (Treasury Rate-Hedged) Index. The index tracks the performance of long positions in the most recently issued 30-year TIPS and duration-adjusted short positions in U.S. Treasury bonds of, in aggregate, approximate equivalent duration dollars to the TIPS (see European Equity ETFs here).

Why the Move?

U.S. consumer spending grew in March, while the Fed’s preferred inflation gauge touched the central bank’s 2% goal for the first time in a year. The personal consumption expenditures (PCE) price index marked the biggest increase since February 2017. This has boosted the fund.

More Gains Ahead? 

It seems that the fund will stay strong in the near term given a positive weighted alpha of 6.90. So, there is still some promise for investors who want to ride on this surging ETF.

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