For investors seeking momentum, SPDR S&P 500 Growth ETF (SPYG Quick QuoteSPYG - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 39% from its 52-week low of $81.93 per share.

But are more gains in store for this ETF? Let us 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:

SPYG in Focus

SPDR S&P 500 Growth ETF targets the growth segment of the large-cap space. It offers exposure to the strongest growth characteristics based on sales growth, earnings change to price and momentum. SPDR S&P 500 Growth ETF is heavy on the information technology sector with a 50.7% allocation, while consumer discretionary and communication services round off the next two spots. SPYG charges 4 bps in annual fees (see: all the Large-Cap Growth ETFs here).

Why the Move?

The large-cap growth corner of the broad investing world has been an area to watch lately, given that the S&P 500 is trading near record highs. Strong earnings growth outlook, optimism over potential interest rate cuts and the artificial intelligence craze have been driving the rally. In particular, growth stocks tend to outperform in a trending market (i.e., a market characterized by a prolonged uptrend).

More Gains Ahead?

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