For investors seeking momentum, First Trust S-Network Future Vehicles & Technology ETF (CARZ Quick QuoteCARZ - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 34.3% from its 52-week low of $46.26 per share.

But are more gains in store for this ETF? Let us 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:

CARZ in Focus

The underlying S-Network Electric & Future Vehicle Ecosystem Index constituents are chosen by selecting the eligible Pure-Play companies in descending order of float-adjusted market capitalization until 100 constituents have been selected. CARZ charges 70 bps in annual fees.

Why the Move?

The fund is heavy on Nvidia (5.93%), Apple (5.0%), Taiwan Semiconductor (4.97%) and Tesla (4.52%) and most of these stocks have been on an uptrend on AI initiatives.

More Gains Ahead?

Currently, CARZ has a Zacks ETF Rank #1 (Strong Buy) with a High risk outlook, suggesting that the outperformance could continue in the months ahead.