For investors seeking momentum, iShares Morningstar Growth ETF (ILCG Quick QuoteILCG - Free Report) is probably on radar. The fund just hit a 52-week high and is up 36.7% from its 52-week low price of $50.16 per 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:

ILCG in Focus

This fund offers exposure to U.S. companies whose earnings are expected to grow at an above-average rate relative to the market. It has key holdings in information technology, communication, consumer discretionary and healthcare. The fund charges 4 basis points in annual fees (see: all the All-Cap Growth ETFs here).

Why the Move?

The growth corner of the broad U.S. stock market has been an area to watch lately given that the S&P 500 is hitting a series of new highs. Pfizer’s PFE full-vaccine approval couple with continued earnings momentum has rekindled investors’ appetite for riskier assets. In particular, growth stocks tend to outperform in a trending market (i.e. a market characterized by a prolonged uptrend).

More Gains Ahead?

Currently, ILCG has a Zacks ETF Rank #2 (Buy), 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.