For investors seeking momentum, iShares Russell Top 200 ETF (IWL Quick QuoteIWL - Free Report) is probably on radar. The fund just hit a 52-week high, and is up about 39% from its 52-week low price of $75.22/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:

IWL in Focus

This fund offers exposure to 196 large-cap domestic stocks with key holdings in information technology, healthcare, communication services, consumer discretionary and financials. The product charges investors 15 basis points in fees (see: all the Large Cap ETF Blend here).

Why the Move?

The large-cap space of the broad U.S. stock market has been an area to watch lately given the booming stock market. The major bourses are once again hitting a series of new record highs with the return of appetite for riskier assets. As the second-quarter earnings season has kicked off this week, signs of a further rebound in corporate profits are driving the stocks further higher.

More Gains Ahead?

Currently, IWL has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. Therefore, it is hard to get a handle on its future returns one way or the other. However, 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.