For investors seeking momentum, Qraft Ai-Enhanced U.S. Large Cap Momentum ETF (AMOM Quick QuoteAMOM - Free Report) is probably on radar. The fund just hit a 52-week high and is up 28.1% from its 52-week low price of $23.33/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 of where it might be headed:

AMOM in Focus

Employing an active strategy, the fund aims to provide investors with long-term capital appreciation by utilizing a proprietary artificial intelligence (AI) system to select large-capitalization U.S. stocks. The product charges 75 bps in annual fees (See: all the Large Cap Blend ETF here).

Why the Move?

Recently, the technology sector saw a bullish trend, boosted by the excitement around AI. Investors favored mega-cap stocks, such as Apple, Alphabet, and Amazon, which were better positioned to withstand economic challenges. This led to concentrated market gains in these companies.

Expectations of less-hawkish monetary policy from the Federal Reserve have been heightened by the slowdown in inflation. This has, in turn, increased the attractiveness of riskier assets to investors. This is a positive for the fund along with the S&P 500’s entering a new bull market.

More Gains Ahead?

Currently, AMOM might continue its strong performance given a positive weighted alpha of 14.93.