Investors seeking momentum may have Advisorshares Pure Cannabis ETF (YOLO Quick QuoteYOLO - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of YOLO are up approximately 178.6% from their 52-week low of $5.65/share.

But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.

YOLO in Focus

This ETF is active and does not track a benchmark. The AdvisorShares Pure Cannabis ETF seeks long-term capital appreciation by investing in both domestic and foreign cannabis equity securities. It charges 74 bps in fees (see Style Box - All Cap Blend ETFs here).

Why the Move?

Shares of major cannabis stocks rallied on Joe Biden's election win. Biden’s victory could speed up the legalization of marijuana at the federal level, thereby providing a boost to the U.S. cannabis industry. Five states legalized marijuana through ballot measures and this added to the optimism.

More Gains Ahead?

The fund has a positive weighted alpha of 48.10. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.

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