For investors seeking momentum, ProShares Ultra QQQ (QLD Quick QuoteQLD - Free Report) is probably on radar now. The fund just hit a 52-week high, and is up more than 96% from its 52-week low price of $63.78/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:

QLD in Focus      

This ETF seeks to offer twice the return of the daily performance of the NASDAQ-100 Index. The fund has AUM of $1.27 billion and trades in solid volumes of about 700,000 shares on average (see: all the Leveraged Equity ETFs here ).

Why the Move?

The tech-heavy Nasdaq-100 index has been a gauge to watch lately given the surging technology sector. Improving industry fundamentals, emergence of new technology, upbeat earnings and Trump’s proposed corporate tax reform have boosted the appeal of the sector. A broader market rally has also been prevalent.  Needless to say, this boom has given the leveraged large-cap growth ETF QLD a meaningful lift.

More Gains Ahead? 

The fund has a positive weighted alpha of 77.42. A positive weighted alpha hints at more gains. As a result, there is definitely some promise for investors who want to ride on this surging ETF.

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