For investors seeking momentum, iShares Expanded Tech Sector ETF (IGM Quick QuoteIGM - Free Report) is probably on radar now. The fund just hit a 52-week high, and is up roughly 48% from its 52-week low price of $290.44/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:

IGM in Focus

This fund offers broad exposure to the technology sector, and technology-related companies in the communication services and consumer discretionary sectors. It has key holdings in interactive media & services, semiconductors, systems software, application software, and data processing & outsourced services. The product charges 43 bps in fees per year (see: all the Technology ETFs here).

Why the Move?

The technology corner of the broad U.S. stock market has been an area to watch lately given that the tech-laden Nasdaq is hitting record highs. Most of the rally has been powered by renewed buying in the high-growth tech giants on easing of tapering fears as well as optimism over a sustained economic recovery.

More Gains Ahead?

Currently, IGM 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 a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.