iShares U.S. Financial Services ETF (IYG Quick QuoteIYG - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and has moved up 20.14% from its 52-week low price of $79.86/share.

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.

IYG in Focus

The underlying Dow Jones U.S. Financial Services Index measures the performance of the financial services sector of the U.S. equity market. The product charges 38 bps in annual fees (see: all Financials ETFs).

Why the Move?

The financial sector has been an area to watch following a strong second-quarter earnings season for Wall Street banks. Robust investment banking activity, along with a surge in trading revenues, led to impressive earnings growth.

More Gains Ahead?

Currently, IYG has a Zacks ETF Rank #2 (Buy) and a High risk outlook. It might continue its strong performance in the near term, with a positive weighted alpha of 12.67 (as per Barchart.com), which gives cues of a further rally.