Investors seeking momentum may have ProShares Ultra Dow30 ETF (DDM Quick QuoteDDM - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of DDM are up approximately 60.8% from their 52-week low of $82.72/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.

DDM in Focus

DDM focuses on providing 2x exposure to blue chip companies in the U.S. equity market. The fund has key holdings in the Industrials, Information Technology and Financials sectors, with an allocation of 22.4%, 16.9% and 16.8%, respectively. DDM charges investors 95 basis points in fee per year. Its top holdings include Boeing Company, Goldman Sachs Group Inc. and 3M Company with almost 22% of the assets allocated to them (see all Leveraged Equity ETFs here).

Why the move?

Of late, President Donald Trump’s tax reform has been in the spotlight. Optimism related to the success of the Republican tax reform bill has led to a rally in the markets. The legislation was finalized in a conference report last week and is poised to become law this week and hand Trump his first legislative victory.

More Gains Ahead?

Currently, DDM has a weighted alpha of 63.5. So, there is a promising outlook ahead for those, who want to ride this surging ETF a shade further.

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