For investors seeking momentum, JPMorgan Ultra-Short Income ETF (JPST Quick QuoteJPST - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 1.12% from its 52-week low price of $49.96/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:

JPST in Focus

The JPMorgan Ultra-Short Income ETF seeks to achieve its investment objective by primarily investing in investment grade, U.S. dollar denominated short-term fixed, variable and floating rate debt. The product charges 18 bps in annual fees.

Why the Move?

The Fed is likely to cut short-terms as soon as in September due to cooling in inflation and the labor market. This should drive down short-term bond yields. As a result, JPST ETF, which offers 5.22% annual yield hit a 52-week high lately due to high demand.

More Gains Ahead?

The ETF JPST might continue its strong performance in the near term, with a positive weighted alpha of 0.75, which gives cues of a further rally.