Investors seeking momentum may have Deutsche X-trackers Harvest MSCI All China Equity Fund on radar now. The fund recently hit a new 52-week high. Shares of CN are up approximately 51.1% from their 52-week low of $25.9/share.

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

CN in Focus

CN focuses on providing exposure to the large-cap sector of the Chinese equity market. The fund has key holdings in the Information Technology, Financials and Consumer Discretionary sectors, with an allocation of 28%, 25% and 11%, respectively. CN charges investors 62 basis points in fee per year. Its top holdings include Xtrackers Harvest CSI 300 China A-Shares ETF, Tencent Holdings Ltd and Alibaba Group Holding Ltd-SP ADR with almost 55% of the assets allocated to them (see all the Asia-Pacific (Emerging) ETFs here).

Why the move?

Of late, Chinese tech markets have been performing well. Recently, Chinese tech giant Tencent surpassed Facebook in market value. It became the first Asian company to cross market value of $500 billion. Tencent reported strong quarterly results and is looking to expand into Malaysia. This led to a rally in the stock.

More Gains Ahead?

Currently, CN has a Zacks ETF Rank #3 (Hold) with a High risk outlook. So it is difficult to get a handle on its future returns one way or another. However, the fund has a weighted alpha of 36.4. So, there is a promising outlook ahead for those who want to ride this surging ETF a shade further.

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