For investors seeking momentum, Shell plc – ADRhedged (SHEH Quick QuoteSHEH - Free Report) is probably on the radar now. The fund just hit a 52-week high and is up 42.2% from its 52-week low price of $43.91 per share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and its near-term outlook to get a better sense of where it might be headed.

SHEH in Focus

It is an active fund that seeks to provide investment results that correspond generally, before fees and expenses, to the total return of the ordinary shares of Shell plc in its local market. The product charges an annual fee of 19 basis points (bps) (see All Single-Stock ETFs here).

What Led to the Rise?

A surge in global oil prices, observed over the past week, owing to the geopolitical tensions in the Middle East and the closure of the Strait of Hormuz, boosted Shell’s share price and, in turn, must have pushed SHEH to a new 52-week high.  Currency hedging may also have enhanced returns for the fund’s dollar-based investors amid foreign exchange volatility in the global market.

More Gains Ahead?

SHEH may continue its strong performance in the near term, with a positive weighted alpha of 32.50 (as per Barchart.com), which suggests a further rally.