For investors seeking momentum, Global X Social Media Index ETF (SOCL Quick QuoteSOCL - Free Report) is probably on radar now. The fund just hit a 52-week high, and is up about 62% from its 52-week low price of $15.55/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:

SOCL in Focus    

This fund provides pure play access to social media companies around the world with a tilt toward large-cap stocks. It definitely has a concentration issue as the top four firms – Twitter , Tencent Holdings, Facebook and LinkedIn – dominate the fund’s return at 38.7% share. The fund charges investors 65 basis points a year in fees (see: all the Technology ETFs here).

Why the Move?

The social media space has been an area to watch lately given rumors that Twitter is an acquisition target for Salesforce.com (CRM Quick QuoteCRM - Free Report) and Alphabet’s (GOOGL Quick QuoteGOOGL - Free Report) Google. This resulted in Twitter’s shares surging 21%, reflecting the biggest one-day ever jump. Investors should note that Twitter is the top firm of SOCL, making up for around 10.7% allocation. Hence, the rally translated into the ETF as well.

More Gains Ahead?

Currently, SOCL has a Zacks ETF Rank of 3 or ‘Hold’ rating with a High risk outlook, so it is hard to get a handle on its future returns one way or the other. However, since many of the segments that make up this ETF have a strong Zacks Industry Rank, there is definitely still some promise for those who want to ride on this surging ETF a little longer.

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