Investors seeking momentum may have Vanguard Russell 1000 Growth ETF (VONG Quick QuoteVONG - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of VONG are up approximately 61.7% from their 52-week low of $131.88/share.

But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.

VONG in Focus

The underlying Russell 1000 Growth Index measures the performance of large-capitalization growth stocks in the United States. Microsoft (10.4%), Apple (10.2%), Amazon (7.98%), Facebook (3.72%) and Alphabet (2.26%) take the top three spots in the fund. VONG charges investors 8 basis points in fee per year (see Style Box - Large Cap Growth here).

Why the move?

A dovish Fed and vaccine hopes have been boosting growth stocks and ETFs. Moreover, Apple, Amazon, Facebook and Alphabet came up with upbeat earnings results on Jul 30, pushing the fund further higher.

More Gains Ahead?

The fund has a positive weighted alpha of 35.30. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.

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