For investors seeking momentum, Invesco DWA SmallCap Momentum ETF (DWAS Quick QuoteDWAS - Free Report) is probably on radar. The fund just hit a 52-week high and is up 118% from its 52-week low of $32.00 per 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.

DWAS in Focus

This fund offers exposure to the small-cap segment of the broad U.S. stock market with positive relative strength characteristics. It has key holdings in healthcare, consumer discretionary, industrials and information technology. The ETF charges 60 basis points in annual fees (see: all the Small-Cap Blend ETFs here).

Why the Move?

The small-cap corner of the broad U.S. stock market has been an area to watch lately given a vaccine development, which is being viewed as “a beginning to the end” of the coronavirus pandemic. Latest data suggests that a COVID-19 vaccine would be available before the end of this year based on promising trial results released by Pfizer (PFE Quick QuotePFE - Free Report) , Moderna (MRNA Quick QuoteMRNA - Free Report) and AstraZeneca (AZN Quick QuoteAZN - Free Report) . Additionally, improving prospect for a smooth transition of president-elect Joe Biden to the White House led to the strength.

More Gains Ahead?

It seems that DWAS might remain strong given a high weighted alpha of 40.20 and a low 20-day volatility of 27.82%. 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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