For investors seeking momentum, PowerShares KBW Property & Casualty Insurance Portfolio (KBWP Quick QuoteKBWP - Free Report) is probably on radar now. The fund just hit a 52-week high, and is up about 19% from its 52-week low price of $52.71/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 on where it might be headed:

KPWP in Focus    

This fund offers exposure to 24 property and casualty insurance companies by tracking a modified market capitalization weighted KBW Nasdaq Property & Casualty Index. It is diversified across market spectrums with 49% in mid caps, 32% in large caps and the rest in small caps. The fund charges investors 35 basis points a year in fees (see: all the Financial ETFs here).

Why the Move?

The insurance sector has been an area to watch lately as the Fed seems to be on its way to raise interest rates for the fifth time since December 2015 in its two-day meeting and could hint at an extra rates hike for the rest of the year. Insurance stocks are among the prime beneficiaries of a rising interest rate environment, as these are able to generate higher yields and earn higher investment income, which in turn increase their profitability.

More Gains Ahead?

Currently, KBWP has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. Therefore, it is hard to get a handle on its future returns one way or the other. However, many of the segments that make up this ETF have strong a Zacks Industry Rank, so there is definitely still some promise for those who want to ride on this surging ETF a little longer.

Want key ETF info delivered straight to your inbox?

Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>