For investors looking for momentum, Ultra Technology ETF (ROM Quick QuoteROM - Free Report) is probably on your radar now. The fund just hit a new 52-week high. Shares of ROM are up roughly 96.8% from their 52-week low price of $66.93/share.

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

ROM in Focus

ROM focuses on providing 2x leveraged exposure to the technology equities in the U.S. It charges 95 basis points in fees per year. It has top holdings in Apple Inc (AAPL Quick QuoteAAPL - Free Report) , Microsoft Corp (MSFT Quick QuoteMSFT - Free Report) , and Facebook Inc with 17.72%, 11.96%, and 7.86% allocation, respectively (as of March 31, 2017) (see all Technology ETFs here).

The fund has AUM of $153.4 million and trades in average volumes of 9,200 shares.

Why the Move?

The move can mainly be attributed to the tech sector’s strong earnings results. The tech heavy Nasdaq was up over 3.6% in the past month, owing to better-than-expected sector revenues and earnings. As per CSI market, the sector recorded 8.14% revenue growth year over year and almost 19.9% net income growth. Therefore, investors are confident and are looking at this sector as a potential investment.

More Gains Ahead?

Currently, ROM has a low 14-day volatility of 15.16% and an impressive weighted alpha of 87.34. So, there is definitely some promise for those who want to ride this surging ETF a little further.

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