For investors seeking momentum, Cambria Tail Risk ETF (TAIL Quick QuoteTAIL - Free Report) is probably on the radar. The fund just hit a 52-week high and has moved up 26% from its 52-week low of $10.90 per share.

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:

TAIL in Focus

Cambria Tail Risk ETF seeks to mitigate downside market risk by purchasing a portfolio of "out of the money" put options on the S&P 500 Index, as well as U.S. Treasuries to potentially provide income. It offers laddered put options on the S&P 500 Index to offer a potential hedge against market exposure. TAIL charges 59 bps in fees per year (see: all the Large-Cap Blend ETFs here).

Why the Move

The broad stock market has been an area to watch lately, given the wild swings in stock prices. Wall Street has experienced deep losses over the past three sessions, raising the demand for low-risk plays. As such, investors are increasingly exploring diversified strategies that help to protect their portfolios from downside risk. TAIL is designed for investors who prioritize capital preservation over high returns.

More Gains Ahead?

TAIL has a weighted alpha of 22.6 and a 20-day volatility of 41.5%, which shows that there is still some promise for investors who want to ride on this surging ETF.