For investors seeking momentum, ProShares Investment Grade-Interest Rate Hedged ETF (IGHG Quick QuoteIGHG - Free Report) is probably on radar. The fund just hit a 52-week high and is up 10.9% from its 52-week low price of $66.81/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:

IGHG in Focus

The underlying FTSE Corporate Investment Grade (Treasury Rate-Hedged) Index comprised of long positions in USD-denominated investment grade corporate bonds issued by both US & foreign domiciled companies; & short positions in US Treasury notes or bonds of approximate equivalent duration to the investment grade bonds. The index thus seeks to achieve an overall effective duration of zero. The fund charges 30 bps in fees and yields 4.66% annually.

Why the Move?

The fund has an overall effective duration of zero. This minimizes the interest rate risks.  With rising rate worries crippling the bond investing world, this investment-grade interest rate-hedged ETF posted strong returns. This is a high-yielding option with lower credit and interest rate risks.

More Gains Ahead?

Consequently, the fund might continue its strong performance given a positive weighted alpha of 7.00.