For investors seeking momentum, iShares iBoxx $ High Yield Corporate Bond ETF HYG is probably on radar now. The fund just hit a 52-week high and is up about 8.1% from its 52-week low price of $82.01/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:HYG in FocusThis fund offers exposure to a broad range of U.S. high yield corporate bonds with an average maturity of 4.01 years and effective duration of 3.52 years. It focuses on below investment grade BB rated and lower) securities often called junk bonds, thereby resulting in a higher default risk than that of its Treasury counterparts. HYG charges 0.49% in expense ratio (see: all the High Yield/Junk Bond ETFs here).Why the Move?The high yield corner of the fixed income world has been an area to watch given that the Fed raised interest rates for the third time in six months and reiterated its intention of one more hike this year. In particular, high-yield bonds are less sensitive to interest rate fluctuations and provide a cushion to investors against the rising interest rates environment. Further, the Fed is on a gradual rate hike path that will continue to lure investors toward these bonds in search of higher income.More Gains Ahead?Currently, HYG has a Zacks ETF Rank of 4 or ‘Sell’ rating with a High risk outlook, suggesting that the outperformance is unlikely to continue in the months ahead. However, the fund seems to remain strong given a mediocre weighted alpha of 6.00% and a low 20-day volatility of 2.62%. As a result, there is definitely still some promise for investors who want to ride on this surging ETF a little further.Want key ETF info delivered straight to your inbox?Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ISHARS-IBX HYCB (HYG): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report