For investors seeking momentum, iShares PHLX Semiconductor ETF (SOXX Quick QuoteSOXX - Free Report) is probably on radar now. The fund just hit a 52-week high, and is up roughly 63% from its 52-week low price of $108.10/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:

SOXX in Focus   

This fund provides exposure to U.S. companies that design, manufacture and distribute semiconductors. Holding 30 stocks in the basket, it is highly concentrated on the top five firms that collectively account for 41.1% of the portfolio. The product charges 48 bps in fees per year (see: all the Technology ETFs here).

Why the Move?

The semiconductor corner of the broad U.S. technology sector has been an area to watch lately given the deluge of robust results and the new wave of mergers and acquisitions. As per Bloomberg, Broadcom (AVGO) is looking to make a bid for the smartphone chip supplier Qualcomm (QCOM Quick QuoteQCOM - Free Report) for more than $100 billion. The combination would be the biggest technology acquisition in the history, dwarfing Dell Inc.’s $67 billion acquisition of EMC in 2015.

More Gains Ahead?

Currently, SOXX has a Zacks ETF Rank #1 (Strong Buy) with a High risk outlook, suggesting that the outperformance could continue in the months ahead. Further, many of the segments that make up this ETF have a strong Zacks Industry Rank, so there is definitely still some promise for those who want to ride on this surging ETF a little longer.

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