For investors seeking momentum, SPDR Bloomberg 1-3 Month T-Bill ETF (BIL Quick QuoteBIL - Free Report) is probably on radar. The fund just hit a 52-week high and is up 0.05% from its 52-week low price of $100.01/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:

BIL in Focus

SPDR Bloomberg 1-3 Month T-Bill ETF offers exposure to zero-coupon U.S. Treasury securities that have a remaining maturity of 1-3 months. It has an effective duration and average maturity of 0.07 years each. The product charges 14 bps in annual fees (see: all the Government Bond ETFs here).

Why the Move?

The short-term corner of the Treasury market has been an area to watch lately, given the stock market turmoil. The S&P 500 is headed for the worst first half in 52 years, compelling investors 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. SGOV invests in ultra short-term bonds and look compelling in the current market turmoil.

More Gains Ahead?

Currently, BIL 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, it seems that USCI might remain strong given a weighted alpha of 0.01 and 20-day volatility of 0.26%. As a result, there is definitely still some promise for risk-aggressive investors, who want to ride on this surging ETF.