For investors seeking momentum, First Trust NYSE Arca Biotechnology Index Fund (FBT Quick QuoteFBT - Free Report) is probably on radar. The fund just hit a 52-week high and is up about 35% from its 52-week low price of $121.68/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 of where it might be headed:

FBT in Focus

First Trust NYSE Arca Biotechnology Index Fund provides exposure to the companies in the biotechnology industry that are primarily involved in the use of biological processes to develop products or provide services. It charges 30 bps in annual fees (see: all the Healthcare ETFs here).

Why the Move?

The biotech space of the broad healthcare market has been an area to watch, given the return of investors’ risk appetite. Investors are flocking to the most beaten-down sectors like biotech, which has been marred by higher interest rates, as these offer compelling buy points.

More Gains Ahead?

Currently, FBT has a Zacks ETF Rank #2 (Buy) with a High risk outlook, suggesting that the outperformance could continue in the months ahead. However, many spaces that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.