For investors seeking momentum, Arrow Dogs Of The World ETF  is probably on radar now. The fund just hit a 52-week high, which is up roughly 13.8% from its 52-week low price of $45.74/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:

DOGS in Focus

The fund looks to tap long-term capital appreciation that corresponds generally to the performance of the AI Dogs of the World Index (ex-USA). The index picks stocks based on a contrarian approach that looks for value in securities where a return reversal is expected during a rolling 12-month period for markets that previously experienced negative relative performance. The fund charges 65 bps in fees (see all World ETFs here).

Why the Move?

The fund calls for contrarian investing. It targets markets that have lost a lot, been trading cheaper and have chances of outperformance. In this regard, it offers huge exposure to last year’s beaten-down segment — emerging markets. Though the segment performed miserably last year, it has made a solid comeback this year and taken the fund to the 52-week high level.

More Gains Ahead?

The fund has a positive weighted alpha of 7.25. So, there is definitely still some promise for those who want to ride on this surging ETF a little longer.

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