For investors seeking momentum, iShares Core S&P Total U.S. Stock Market ETF (ITOT Quick QuoteITOT - Free Report) is probably on radar. The fund just hit a 52-week high and is up roughly 56.6% from its 52-week low price of $48.52/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:

ITOT in Focus

ITOT provides exposure to the total U.S. stock market, ranging from some of the smallest to the largest companies. It has key holdings in information technology, healthcare and consumer discretionary. The product charges 3 basis points in fees (see: all the Cap Blend ETFs here).

Why the Move?

The U.S. stock market has been an area to watch lately given that the S&P 500 hit a new record high. The sharp rebound from the trough seen in March to a new peak represents 126 trading days and the fastest-ever recovery from a bear market in the history of the index. The combination of unprecedented fiscal and monetary stimulus in response to the pandemic, hopes of a swift economic rebound and high chances of a successful coronavirus vaccine drove the stocks higher.

More Gains Ahead?

Currently, ITOT has a Zacks ETF Rank #2 (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.

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