For investors seeking momentum, ProShares Long Online/Short Stores ETF (CLIX Quick QuoteCLIX - Free Report) is probably on radar now. The fund just hit a 52-week high and is up 23.4% from its 52-week low price of $46.11/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:

CLIX in Focus

This fund seeks to benefit from both outperforming online and underperforming physical retailers through the long/short strategy. It combines the 100% long position in retailers that primarily sell online or through other non-store channels with a 50% short position in those that rely principally on physical stores by tracking the performance of the ProShares Long Online/Short Stores Index. The approach reduces equity market exposure and results in less volatility than long-only equity strategies. CLIX charges investors 65 bps in annual fees (see: all the Long/Short ETFs here).

Why the Move?

The online retail corner of the broad ETF world has been an area to watch lately, given the rising demand for e-commerce. This is especially true as the lockdowns, social distancing and stay-at-home mandates to contain the coronavirus spread have forced people to work and look for entertainment at home. Additionally, changing consumer habits to toward e-commerce are also providing strength to online retailers.

More Gains Ahead?

It seems that CLIX might remain strong given a high weighted alpha of 14.32 but could be a risky choice as depicted by 20-day volatility of 29.87%. As a result, there is definitely still some promise for risk-aggressive investors who want to ride on this surging ETF.

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