For investors seeking momentum, iShares Russell 1000 ETF (IWB Quick QuoteIWB - Free Report) is probably on the radar. The fund just hit a 52-week high and is up about 33% from its 52-week low of $224.41 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:

IWB in Focus

iShares Russell 1000 ETF offers exposure to the large-cap segment of the broader equity market. It has key holdings in information technology, financials and healthcare with double-digit allocation each. iShares Russell 1000 ETF charges 15 bps in annual fees (see: all the Large-Cap Blend ETFs here).

Why the Move?

The large-cap corner of the broad investing world has been an area to watch lately, given the rally in the stock market. The S&P 500 Index hit the 5,500 level for the first time after crossing the 5,400 threshold earlier this month and 5,300 last month, underscoring strong confidence. Rate cut bets, strong corporate profit growth, a surge in "Magnificent Seven" stocks and the ongoing artificial intelligence craze drove the rally.

More Gains Ahead?

Currently, IWB has a Zacks ETF Rank #3 (Hold). It is hard to get a handle on its future returns one way or the other. However, a weighted alpha of 26.93 and a 20-day volatility of 8.07% show that there is still some promise for risk-aggressive investors who want to ride on this surging ETF.