For investors seeking momentum, Invesco DB US Dollar Index Bullish Fund (UUP Quick QuoteUUP - Free Report) is probably on radar now. The fund just hit a 52-week high and is up nearly 9% from its 52-week low price of $23.09/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:

UUP in Focus

UUP offers exposure against a basket of six world currencies – euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc. This is done by tracking the Deutsche Bank Long US Dollar Index Futures Index Excess Return plus the interest income from the fund’s holdings of U.S. Treasury securities. The fund charges 79 bps in annual fees and expenses (see: all the Currency ETFs here).

Why the Move?

The United States’ currency has been an area to watch lately given the recent round of upbeat data and a hawkish Fed which underscore a strengthening economy. Additionally, the onoing tariff threat, which could become worse and lead to global recession, has raised the appeal for the greenback as one of the safe haven avenues, especially in the rising rate environment.

More Gains Ahead?

Currently, UUP 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, the ETF might remain strong given weighted alpha of 4.10% and a 20-day volatility of 5.89%. As a result, there is definitely still some promise for investors who want to ride on this surging ETF a little further.

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