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 0.16% from its 52-week low price of $91.37/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

The SPDR Bloomberg 1-3 Month T-Bill ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Bloomberg 1-3 Month U.S. Treasury Bill Index. The product charges 14 bps in annual fees.

Why the Move?

The short-term corner of the Treasury market has been an area to watch lately, given the stock market turmoil. 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. BIL 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.