For investors seeking momentum, iShares Cybersecurity and Tech ETF (IHAK Quick QuoteIHAK - Free Report) is probably on the radar.The fund just hit a 52-week high and is up 27.6% from its 52-week low price of $31.87/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:

IHAK in Focus

The underlying NYSE FactSet Global Cyber Security Index comprises of developed and emerging market companies involved in cyber security and technology, including cyber security hardware, software, products, and services. The product charges 47 bps in annual fees. 

Why the Move?

Given the recent surge in the adoption of AI technology, the need for cybersecurity becomes increasingly evident. Cyberattacks are on the rise as an increasing number of companies across various sectors are integrating generative AI and other aspects of technology into their daily operations.

One notable area of growth in cybersecurity spending is in cloud security products and services, underscoring the growing importance of securing cloud-based systems and data. Increasing acquisition activity in the sector also benefits the fund.

More Gains Ahead?

Currently, IHAK might continue its strong performance in the near term, with a positive weighted alpha of 19.17, which gives cues of a further rally.