Investors seeking momentum may have DB US Dollar Index Bullish Fund Invesco (UUP Quick QuoteUUP - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of UUP are up approximately 15.6% from their 52-week low of $24.67/share.

But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.

UUP In Focus

Invesco DB US Dollar Index Bullish Fund is the prime beneficiary of the rising dollar as it offers exposure against a basket of six world currencies. This is done by tracking the Deutsche Bank Long USD Currency Portfolio Index - Excess Return plus the interest income from the fund’s holdings of U.S. Treasury securities. The fund charges 78 bps in fees.

Why The Move?

The U.S. currency has been an area to watch lately given a super-hawkish Fed. Notably, the Federal Reserve raised the interest rates by 75 bps in the latest FOMC meeting to quell four-decade high inflation. The Fed is likely to hike rates further in the near term. Such policies are boosting the value of greenback.

More Gains Ahead?

Currently, UUP has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook, suggesting continued outperformance in the months ahead. Further, Invesco DB US Dollar Index Bullish Fund might remain strong given its positive weighted alpha of 16.60. As a result, there is definitely still some promise for investors who want to ride on this surging ETF a little further.