For investors seeking momentum, iShares Core Moderate Allocation ETF (AOM Quick QuoteAOM - Free Report) is probably on radar now. The fund just hit a 52-week high, which is up roughly 67.7% from its 52-week low price of $21.50/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.

AOM in Focus    

AOM focuses on the performance of the S&P's proprietary moderate target risk allocation model. The product has 57.62% bond holdings and the rest is invested in equities. Geography-wise, U.S. has about 63.61% weight followed by Japan (5.73%) and U.K. (4.08%).

AOM charges investors 23 basis points a year in fees and has top holdings in iShares Core Total USD Bond Market ETF (IUSB Quick QuoteIUSB - Free Report) , iShares Core S&P 500 ETF (IVV Quick QuoteIVV - Free Report) and iShares Core U.S. Treasury Bond ETF (GOVT Quick QuoteGOVT - Free Report) (see all technology ETFs here).

Why the Move?

A downbeat reading on productivity and alower-than-expected GDP report for the second quarter refrained investors from expecting a near-term Fed rate hike.  All in all, the U.S. economy is on the mend, but still has a long way to go.

On the other hand, the fear of a bubble forming in the stock market has left some investors edgy and pushed them toward a more balanced and diversified approach like multi-asset ETFs. This kind of sentiment prevailing in the investing world explains why AOM hit a high lately.

More Gains Ahead?

The fund has a positive weighted alpha of 4.80. Since a positive weighted alpha hints at more gains, this surging ETF can be tried a little further, especially if the market remains rocky.

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