For investors seeking momentum, iShares Russell 1000 Growth ETF (IWF Quick QuoteIWF - Free Report) is probably on radar. The fund just hit a 52-week high and is up roughly 42.4% from its 52-week low price of $121.71/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:

IWF in Focus

IWF provides exposure to growth stocks of the large-cap segment with key holdings in information technology, healthcare, consumer discretionary and communications. The product charges 19 basis points in fees (see: all the Large Cap Growth ETFs here).

Why the Move?

The growth space of the U.S. stock market has been an area to watch lately, given that the major bourses hit new all-time highs. The latest rally can be attributed to the long-awaited phase-one trade deal between the world’s two largest superpowers as well as the latest upbeat data, especially on the job and housing front. In particular, growth stocks are leading the rally as these tend to outperform in a trending market (i.e. a market characterized by a prolonged uptrend).

More Gains Ahead?

Currently, IWF has a Zacks ETF Rank #1 (Strong Buy) with a Medium risk outlook, suggesting continued outperformance in the months ahead. Further, 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 >>