For investors seeking momentum, IQ Merger Arbitrage ETF (MNA Quick QuoteMNA - Free Report) is probably on radar now. The fund just hit a 52-week high, which is up roughly 6.2% from its 52-week low price of $31.10/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:

MNA in Focus

The underlying IQ Merger Arbitrage Index seeks to identify opportunities in companies whose equity securities trade in developed markets, including the US, and which are involved in announced mergers, acquisitions and other buyout-related transactions. It charges 77 bps in fees (see all Hedge Fund ETFs here).

Why the Move?

The upbeat merger and acquisition activity in the healthcare space probably has made the space a winner. Plus, the fund acts as a hedge against market volatility.

More Gains Ahead?

The fund also has a positive weighted alpha of 4.60, which hints at more gains. So, there is definitely still some promise for those who want to ride on this ETF a little longer.

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