For investors seeking momentum, the Global X Internet of Things ETF (SNSR Quick QuoteSNSR - Free Report) is probably on the radar now. The fund just hit a 52-week high and jumped 40.8% from its 52-week low price of $34.20 per share.

But are there more gains in store for this ETF? Let’s take a quick look at the fund and its near-term outlook to get a better sense of where it might head.

SNSR in Focus

This fund offers exposure to companies that stand to potentially benefit from the broader adoption of the Internet of Things (IoT), as enabled by technologies such as WiFi, 5G telecommunications infrastructure and fiber optics. The product charges 68 basis points (bps) in annual fees (See: All Technology ETFs here).

What Led to the Rise?

The fund recently touched a new 52-week high, driven by a powerful combination of strong performance and positive sentiment in the Internet of Things (IoT) sector. Its recent rally is fueled by top holdings like STMicroelectronics and Lattice Semiconductor, which have shown strong year-to-date gains, driven by booming demand in industrial automation.

More Gains Ahead?

SNSR may continue its strong performance in the near term, with a positive weighted alpha of 44.77 (as per Barchart.com), which suggests a further rally.