For investors seeking momentum, Amplify Transformational Data Sharing ETF (BLOK Quick QuoteBLOK - Free Report) ) is probably on radar. The fund just hit a 52-week high and is up 275.2% from its 52-week low of $13.04 per 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:

BLOK in Focus

The Amplify Transformational Data Sharing ETF is an actively managed ETF that seeks to provide total return by investing at least 80% of its net assets in the equity securities of companies actively involved in the development and utilization of transformational data sharing technologies. The fund charges 70 bps in annual fees (see all technology ETFs here).

Why the Move?

Tesla’s latest investment of $1.5 billion, which makes it the first biggest company yet to show support for the other-wise controversial cryptocurrency, boosted the blockchain ETF. This is because these companies are like crypto innovators. Per a source, “the blockchain in Bitcoin literally acts a ledger; it keeps track of the balances for all users and updates them as money changes hands.”

More Gains Ahead?

The fund has a positive weighted alpha of 193.22. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.

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