For investors seeking momentum, Invesco PHLX Semiconductor ETF (SOXQ Quick QuoteSOXQ - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 80% from its 52-week low of $22.61 per 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:

SOXQ in Focus

Invesco PHLX Semiconductor ETF offers exposure to the companies engaged in the semiconductor business. Semiconductors include products such as memory chips, microprocessors, integrated circuits and related equipment that serve a wide variety of purposes in various types of electronics, including personal household products, automobiles and computers, among others. Invesco PHLX Semiconductor ETF charges 19 bps in annual fees (see: all the Technology ETFs here).

Why the Move?

The semiconductor corner of the broad technology space has been an area to watch lately, given the surge in chipmaker stocks. The Philadelphia Semiconductor index outperformed the broader market and hit a record high on growing optimism about rate cut prospects.

More Gains Ahead?

Currently, SOXQ has a Zacks ETF Rank #1 (Strong Buy), suggesting that the outperformance could continue in the months ahead. Many spaces that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.