For investors seeking momentum, iShares S&P 500 Value ETF (IVE Quick QuoteIVE - Free Report) is probably on radar. The fund just hit a 52-week high, and is up 64% from its 52-week low price of $81.70 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 on where it might be headed:

IVE in Focus

IVE offers exposure to large U.S. companies that are potentially undervalued relative to comparable companies. It holds 436 stocks with key holdings in financials, healthcare, information technology and industrials that account for a double-digit exposure each. It charges investors 18 basis points a year in fees (see: all the Large Cap Value ETFs here).

Why the Move?

The value segment of the broad U.S. stock market has been an area to watch lately as investors rotate out of growth into the under-priced value stocks. Record amounts of stimulus and hopes of new fiscal aid from Washington will spur rapid economic growth that will boost consumer spending and in turn lift value stocks. Additionally, the combination of improvement in corporate earnings growth, expectation for quicker inflation and rising bond yields bode well for value investing.

More Gains Ahead?

Currently, IVE has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook, suggesting that the outperformance could continue in the months ahead. However, many of the segments 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.

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 >>