For investors seeking momentum, Invesco DWA Industrials Momentum ETF (PRN Quick QuotePRN - Free Report) is probably on radar. The fund just hit a 52-week high and is up 73% from its 52-week low price of $46.67/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:

PRN in Focus

This product targets the industrial sector and offers exposure to companies that are showing relative strength (momentum). It has key holdings in electrical equipment, road & rail, and building products. The ETF charges 60 basis points in annual fees (see: all the Industrial ETFs here).

Why the Move?

The industrials sector has been an area to watch lately given investors’ rotation into bargain picks. Additionally, the upcoming election is resulting in gains, as both the presidential candidates — Biden and Trump — would likely pursue large infrastructure packages. Biden proposed a $1.3 trillion plan with goals of reducing carbon emissions, rebuilding the nation’s ailing highways and bridges, and creating middle-class jobs. On the other hand, the Trump administration is preparing for up to a $1 trillion infrastructure package focused on transportation projects as part of its push to spur the world’s largest economy back to life.

More Gains Ahead?

Currently, PRN has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. Therefore, it is hard to get a handle on its future returns one way or the other. However, many of the segments that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.

Want key ETF info delivered straight to your inbox?

Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>