For investors seeking momentum, iShares US Technology (IYW Quick QuoteIYW - Free Report) is probably on radar now. The fund just hit a 52-week high, which is up roughly 1.8% from its 52-week low price of $116.35/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.

IYW in Focus

IYW focuses mostly on the technology segment of the U.S. market, holding 139 stocks in its basket. It is a large-cap centric fund with key holdings in the software and services, technology hardware and equipment, and semiconductor. The fund charges investors 43 basis points a year in fees and is slightly skewed toward the top two firms, Apple and Microsoft (see: all the Technology ETFs here).

Why the Move?

Apple’s impressive performance over the past few sessions emerged as the main reason behind IYW’s gain. Strong demand for Apple’s newly released iPhone 7 Plus and iPhone 7 played a major role in boosting the tech behemoth. It also benefitted from weakness in one of its biggest rivals in the smartphone market, Samsung.       

More Gains Ahead?

Currently, IYW has a Zacks ETF Rank #1 (Strong Buy) with a Medium risk outlook, indicating that the ETF has bright prospects for coming days. Moreover, a positive weighted alpha of 8.89 hints at more gains. So there is definitely some promise for those who want to ride this surging ETF a little further.

Want more information on the world of ETFs?

Make sure to check out the podcast below where we discuss the investing landscape with Kevin O’Leary and Connor O’Brien of O’Shares Investments: