For investors seeking momentum, Roundhill Magnificent Seven ETF (MAGS Quick QuoteMAGS - Free Report) is probably on the radar. The fund just hit a 52-week high and has moved up 66% from its 52-week low of $24.29 per share.

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:

MAGS in Focus

Roundhill Magnificent Seven ETF is the first-ever ETF to track the Magnificent Seven stocks. It offers equal-weight exposure to the “Magnificent Seven” stocks — Alphabet (GOOGL Quick QuoteGOOGL - Free Report) , Amazon (AMZN Quick QuoteAMZN - Free Report) , Apple (AAPL Quick QuoteAAPL - Free Report) , Meta Platforms (META Quick QuoteMETA - Free Report) , Microsoft (MSFT Quick QuoteMSFT - Free Report) , Nvidia (NVDA Quick QuoteNVDA - Free Report) and Tesla (TSLA Quick QuoteTSLA - Free Report) . MAGS charges 29 bps in fees per year (see: all the Active Non-Transparent ETFs here).

Why the Move?

The technology sector of the broad market has been an area to watch lately, given the resurgence in big tech titans after the Producer Prices index data. Producer prices came in softer than expected for March, supporting the belief that inflation remains a cooling trend. The data reversed the negative sentiments of the previous day, which shook the market after consumer prices came in hotter than expected, diminishing the prospect of interest rates cut anytime soon.

More Gains Ahead?

MAGS might remain strong, given a weighted alpha of 61.14 and a 20-day volatility of 15.82%. This shows that there is still some promise for risk-aggressive investors who want to ride on this surging ETF.